Veris Limited acquires Spatial Vision Innovations for up to $3 million

SYDNEY: Veris Limited (ASX: VRS) announced Thursday the acquisition of Melbourne-based Spatial Vision Innovations Pty Ltd for up to $3.0 million, aiming to enhance its digital solutions and advisory services.

The acquisition is expected to be finalized by early March 2025, subject to conditions precedent. Spatial Vision, founded in 1999, provides spatial solutions and GIS services, catering to both government and private sector clients in areas like climate change, agriculture, natural resource management, and fisheries.

Veris Managing Director and CEO Dr. Michael Shirley expressed enthusiasm about the acquisition, stating, “We are thrilled to welcome the Spatial Vision team into the Veris family. This strategic step forward will allow us to deliver even greater value to our clients and drive innovation in the delivery of spatial data-based digital solutions.”

The transaction involves a mix of cash and scrip consideration, with no shareholder approval required. Veris plans to fund the cash payments through existing cash reserves and post-transaction operating cash flows.