Idox acquires UK-based LandHawk for initial £1.1m
Information management software and technology company Idox announced the acquisition of UK based, cloud-native land mapping software and geospatial information services (GIS) data business LandHawk Software Services on Monday.
The AIM-traded firm said LandHawk had a “growing presence” in the commercial sector in land sourcing and the provision of GIS data, specialising in the expanding UK renewable energy industry.
It said acquiring LandHawk would “further enhance” its GIS software, cloud and data capabilities following the acquisitions of Aligned Assets, thinkWhere and ExeGesIS in 2021.
The board also described it as a “valuable opportunity” to expand Idox's client base, as well as cross-sell into Idox's existing local authority clients to assist in managing their land assets.
Idox said the initial cash consideration for the acquisition was £1.1m from its existing resources, with a further £0.4m of deferred equity consideration to be issued 18 months post-transaction.
“We have been in dialogue with LandHawk over the past 12 months and have been impressed with the quality of their software, market offerings and people,” said chief executive officer David Meaden.
“We are excited by the opportunity to combine LandHawk's impressive technology with Idox's deep expertise in UK land and property and GIS data.
“We collectively see a strong proposition for growth into commercial and public sector use-cases across land sourcing, assessment and management.”
Meaden said the integration of LandHawk, coupled with the acquisitions of Aligned Assets, thinkWhere and ExeGesIS, placed Idox in “a strong position” to capitalise on the growth of the UK's location data market and lead the market in software solutions.
“This transaction will provide LandHawk with immediate support to its business and products to continue to expand its offerings and grow its customer base across both commercial and local authority markets.”
At 1116 BST, shares in Idox were down 1.75% at 63.47p.
Reporting by Josh White at Sharecast.com.