1Spatial Holdings (AIM:SPA), a company that provides products and services that enable its clients to collect, audit, manage, modify and reuse location-based data, began trading on the Alternative Investment Market today. The move follows the completion of a reverse takeover of 1Spatial Group Ltd by IQ Holdings. In early trading the shares were trading at 71p.

Cambridge based 1Spatial is a provider of intelligent, automated, data quality and integration platforms for organisations worldwide that need to trust their location-based information. The services are well suited for organisations, which handle high volumes of business critical location-based data. The technology is delivered on either a software license model or as a hosted service and is used by a number of organisations including: national mapping & charting agencies, public sector organisations, energy, utilities and telecommunications specialists and transport and defence businesses in order to improve efficiency, reduce costs and improve decision making. Its current clients include Ordnance Survey, Environment Agency, Cable and Wireless, Royal Air Force, and the Scottish Government.

Nic Snape, the chief executive of 1Spatial, said: “We have been considering a move to AIM for a significant period and this reversal offered the perfect opportunity to come to the market. We have a solid business with a solid foundation and a proven financial track record. We believe that the AIM market offers us the opportunity to expand the business both organically and through acquisitions, in turn increasing value for new and existing investors.”

On February 1, 2010, the IQ announced the completion of the disposal of its two remaining trading businesses, Rosslyn Research Ltd and Viewpoint Field Services Ltd. Following that deal, the company effectively became a cash shell and was classified under the AIM Rules as an investing company. Based on a share price of 0.05p per existing IQ share at the close of business on September 30, 2010, the offer for 1Spatial valued the company at £9.54m.

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here