Idox agrees to acquire Welsh information services technology business
Information management software firm Idox said on Tuesday that it has agreed to acquire Welsh information services technology business exeGesIS Spatial Data Management.
Idox will make an initial cash consideration for the acquisition of £5.35m, with an additional cash payment of as much as £1.65m deferred for 12 months, contingent on the retention of existing recurring revenues. The consideration will be funded from Idox's existing financial resources.
The AIM-listed firm highlighted that the acquisition would further enhance its GIS capabilities following its recent purchase of thinkWhere.
In the year ended 30 April 2020, exeGesIS posted revenues of £2.8m and a pre-tax profit of £800,000. Gross assets were £2.3m.
Chief executive David Meaden said: "As Idox continues to build on its GIS, mapping and data capabilities, the acquisition of exeGesIS is an exciting move and allows us to offer greater expertise, products and services to our customers.
"The integration of this business, coupled with the recent acquisition of thinkWhere, will place Idox in a strong position to capitalise on the growth of the UK's location data market."
As of 0930 BST, Idox shares were up 0.80% at 69.75p.