LSAI Buyers coming in15 Jan 2020 15:21
Location Sciences Group PLC (LSAI.LN) said Wednesday that it expects to report 2019 results in line with market expectations with revenues up 60%, and that it has agreed to enter into a new partnership.
The AIM-listed location-data verification and analytics services provider said that revenues in the year ended Dec. 31 was 1.2 million pounds ($1.6 million), compared with GBP751,000 in 2018. In particular, the company noted that revenues for its proprietary platform, Verify, rose more than nine times compared with 2018.
Location Sciences ends the year with a cash reserve of GBP1.3 million, it said.
The company also said that it has agreed to a global data partnership with X-Mode, a location data provider. The partnership gives Location Sciences the opportunity to extend its insights products reach internationally, it added.
Additionally, X-Mode is acquiring Location Science's location data collection assets for a consideration of up to $640,000, with an initial payment of up to $180,000 and the balance to be paid monthly until December 2021.
As a result, Location Sciences will focus on Verify as its sole business going forward.