LONDON, UK: Location Sciences (AIM: LSAI), a provider of location intelligence solutions, has agreed to acquire Sorted Holdings Limited (SHL), a SaaS company operating in the ecommerce sector, for a nominal cash consideration of £66.73.

The deal is a reverse takeover under the AIM Rules and requires the approval of Location Sciences’ shareholders, who will vote on it at a general meeting on 16 February 2024. The company has published its admission document today and resumed trading on AIM.

The acquisition will allow Location Sciences to leverage SHL’s leading edge technology and capital investment of over £70 million to maximise shareholder value. SHL has a diverse customer base of household retail brands and strong industry partnerships, and operates in a global and fragmented ecommerce market.

Location Sciences will also raise approximately £2.0 million in equity to fund its growth and appoint three new directors: Carmen Carey as CEO, Mahmoud Warriah as CFO, and Petar Cvetkovic as non-executive director.

Upon completion, the company will change its name to Sorted Group Holdings Plc and its ticker symbol to SORT. Allenby Capital is acting as its nominated adviser.

Location Sciences selling data and insights business to Digital Envoy