1Spatial announced that the group has entered into two separate share purchase agreements to acquire the entire issued share capital of Geomap-Imagis Participations (Geomap-Imagis; the Acquisition), for a total consideration of €7.0m. As at 6 May 2019, the 1Spatial had net cash of approximately €1.9m.
1Spatial also announces a placing to raise £3.1m to partially fund the cash consideration due in respect of the acquisition. The placing will issue 9,871,220 new ordinary shares (the Placing Shares) at a price of 31.5p per share (the Placing Price), a discount of approx. 5% to the closing middle market price on 7 May 2019.
In conjunction with the acquisition, 1Spatial France and 1Spatial Belgium (together, 1Spatial Europe) have entered into a new partnership agreement with Esri Inc.
1Spatial believes that the partnership agreement, combined with the acquisition, will be of significant benefit to the company’s existing European customers in providing them with access to Esri’s market leading global GIS platform.
Claire Milverton, 1Spatial’s CEO, commented: “The acquisition will provide a number of vertically focussed software business applications and will add a new vertical in Facilities Management, an area where we see great potential for our Location Master Data Management offering. We expect to be able to achieve a range of strategic synergies and it offers substantial land and expand potential, in line with our stated strategy.”