ldox plc acquires Emapsite, a GIS/Geospatial data provider, for £15.75 million
LONDON, UK: ldox plc (AIM: IDOX), a leading supplier of specialist information management software and solutions to the public and asset-intensive sectors, has acquired Emapsite.com Limited, a leading UK based geographic information systems (GIS/Geospatial) data provider.
Idox will acquire Emapsite for a total cash consideration of up to £15.75m on a cash-free, debt-free basis. £14.75m will be satisfied in cash upon completion payable from Idox’s existing financial resources, with £1.0m cash deferred to a future date anticipated to be within 12 months to cover warranties and indemnities.
Based in Farnborough and employing 33 people, Emapsite is a successful provider of Geospatial data to the UK market for customers associated with land and property across a wide range of vertical industries including energy, infrastructure, environmental, telecommunications, and construction sectors.
The acquisition is in line with Idox’s stated intention to target complementary and accretive deals and forms a key step in the delivery of our data strategy, as well as offering strong cross-sale opportunities in the combined Group for both data and software services.
The addition of Emapsite will enhance our data capabilities across the Group and add significant scale to our existing Geospatial offering provided by the recent acquisitions of Aligned Assets, thinkWhere, Exegesis and LandHawk. Emapsite will be integrated within and report as part of Idox’s Land, Property & Public Protection segment. Following the acquisition, and on a pro forma basis, the Geospatial line of business will have annualised total revenues of c.20% of Idox’s total revenues.
Having reported a small net cash position at the half year ended 30 April 2023, Idox retains further resources in place to fund its attractive M&A pipeline, including a £35.0m revolving credit facility and £10.0m accordion.
David Meaden, CEO of Idox commented: “Emapsite is an important acquisition for Idox and one that strengthens our existing GIS, mapping and data capabilities. We believe that the combination of Emapsite with our existing Geospatial businesses is very complementary and will allow us to deliver new products and capabilities to the customers of both organisations. We look forward to welcoming all Emapsite colleagues to Idox and are confident and excited that the combination will drive increased value for all stakeholders.”
For its financial year ended 31 March 2023, Emapsite reported revenues of £10.9m and Profit before tax of £0.5m. Gross Assets at 31 March 2023 were £5.1m. Emapsite is majority owned and controlled, directly and indirectly, by James Cutler, Masdar (U.K.) Limited, Justin Saunders, Michael Slater, Susan Slater, Richard Pickance and David Warwick.
A group of employees held Emapsite shares as part of an Enterprise Management Incentive scheme (“EMI Shares”), and all EMI Shares have been acquired by Idox as part of the transaction.
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