REG - IDOX PLC - Acquisition

IdoxAnnouncement

21/08/2023 07:00

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RNS Number : 8470J  IDOX PLC  21 August 2023

21 August 2023

Idox plc

('Idox' or the 'Group' or the 'Company')

Acquisition

 

Idox acquires Emapsite.com, a UK based Geospatial data specialist

forming a key step in its delivery of its data strategy

 

ldox plc (AIM: IDOX), a leading supplier of specialist information management
software and solutions to the public and asset-intensive sectors, is pleased
to announce the acquisition of Emapsite.com Limited ("Emapsite"), a leading UK
based geographic information systems (GIS/Geospatial) data provider.

Highlights

·   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."

About Emapsite

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.

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014. Upon the publication of this announcement, this inside
information is now considered to be in the public domain.

The person responsible for making this notification is Ruth Paterson, Company
Secretary.

-Ends-

Enquiries:

 Idox plc                              +44 (0) 870 333 7101
 Chris Stone, Non-Executive Chairman

 David Meaden, Chief Executive

 Anoop Kang, Chief Financial Officer

 Peel Hunt LLP (NOMAD and Broker)      +44 (0) 20 7418 8900
 Paul Gillam

 Michael Burke

 James Smith

 MHP Group                             +44 (0) 203 128 8276
 Reg Hoare                              idox@mhpgroup.com

Ollie Hoare

Matthew Taylor

 

 

About Idox plc For more information see www.idoxplc.com
(http://www.idoxplc.com/) @Idoxgroup

 

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