Positive11 Apr 2017 15:03
11 April 2017
1Spatial plc (AIM: SPA)
("1Spatial", the "Group" or the "Company")
Acquisition of Remaining Shares and Notification of Results
The Board of 1Spatial, the global spatial software, service and data quality company which manages the world's largest spatial data, today announces the acquisition of the remaining shares in 1Spatial Inc. (previously Laser Scan Inc.) and Sitemap Ltd.
Following these two issues of shares, 1Spatial owns 100% of both companies with no consideration outstanding.
Acquisition of remaining shares in 1Spatial Inc.
The Company is pleased to announce that it has acquired the remaining 27% of its US subsidiary, 1Spatial Inc. for £738,892 (US$918,000) payable in shares in accordance with the terms set out in the original share purchase agreement (as announced on 3rd February 2015). This acquisition further strengthens 1Spatial's position in the US market which is a key focus and growth region for the Group in the coming years.
1Spatial Inc. is the sole distributor of 1Spatial's geospatial products and solutions in the Americas, and holds a significant on-going contract with the US Census and a recently secured contract with the State of Arizona, Department of Transport (the "Department"). 1Spatial's 1Integrate solution will enable the Department to automatically quality assure the information it receives from multiple contributing government bodies within the state which in turn will simplify and smooth the creation and maintenance of their state-wide dataset so they can meet the requirements set out by the Federal Highways Agency. Not only is this process quicker and less costly, it is also more accurate and this process allows for data to be sent at any time, thereby meaning the dataset is updated throughout the year rather than on an annual basis.
Following the acquisition Mary Brauer-Cox will be retiring as President of 1Spatial Inc., to be replaced by Sheila Steffenson. Ms Steffenson joined the business in March 2016 and has been managing business development across the Americas with a key focus on our 1Integrate for ArcGIS solutions on the Esri ArcGIS Platform, as part of 1Spatial's partnership with Esri Inc. She has over 25 years' experience in the Spatial market and has held senior management and sales positions at Esri Inc., bringing significant GIS knowledge and expertise to the business. Ms Brauer-Cox will remain involved to support Ms Steffenson on a part-time basis for a transitional period.
Acquisition of remaining shares in Sitemap Ltd.
1Spatial has today acquired the 51% of Sitemap Ltd. that it does not already own for £0.2m in shares.
The Company's investment in Sitemap to date has funded the development of a solution which locates and visualises sites which best fit commercial and residential property developer needs. The offering is still under d
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