|
Idox PLC on Monday said it has bought LandHawk Software Services Ltd, a UK-based, cloud-native land mapping software and geospatial information services data business, for up to £1.5 million.
The Reading, England-based supplier of information management software said the initial cash consideration for the acquisition is £1.1 million, with a further £400,000 of deferred equity consideration to be issued 18 months later.
Idox expects the acquisition to be marginally loss-making in its first year, with earnings thereafter. The board believed there was scope to deliver ‘attractive profit growth’ over the medium term by expanding offerings and growth into commercial and local authority markets.
Idox said the LandHawk purchase would enhance its GIS offerings by bringing a land mapping software solution with associated data and consultancy services from a skilled team of GIS software experts.
GIS, or geographical information system, is software that analyses and manipulates geospatial data.
Chief Executive Officer David Meaden added: ‘The integration of LandHawk, coupled with the acquisitions of Aligned Assets, thinkWhere and ExeGesIS, places Idox in a strong position to capitalise on the growth of the UK's location data market and lead the market in software solutions.’
Idox shares were trading 1.8% lower at 63.47 pence each in London on Monday afternoon.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
