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1Spatial

  • BY: Andrew Hore |
  • POSTED: 24/05/2013 |

Geospatial data analyser 1Spatial is raising £18m at 6p a share in order to help finance the purchase of 75.14% of Star-Apic and the opening of a sales and support centre in the Middle East.

The share price rose by one-fifth to 8.12p, which values 1Spatial at £28.5m.

1Spatial is paying €5.13m for Star-Apic, which has annual revenues of €8m and makes a small profit. Belgium-based Star-Apic is a European provider of Geographic Information Systems software for infrastructure management. 1Spatial believes that the products acquired can be sold in existing and new markets as well as giving its own procuts access to markets in France and North Africa. Star-Apic’s software can be integrated with 1Spatial’s and the purchase also brings map publishing tool Mercator, which is used to produce paper maps. There is also indoor location data centre software, but this is non-core.

A property in Belgium is being acquired with the business, although it is not assigned any value in the balance sheet. There is also net cash of €1m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2013_44.pdf

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