IDOX.GB IDOX PLC

TIDMIDOX

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 GBP15.75m on a cash-free, debt-free basis. GBP14.75m will be satisfied in cash upon completion payable from Idox's existing financial resources, with GBP1.0m 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 GBP35.0m revolving credit facility and GBP10.0m 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 GBP10.9m and Profit before tax of GBP0.5m. Gross Assets at 31 March 2023 were GBP5.1m. 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 @Idoxgroup

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END

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August 21, 2023 02:00 ET (06:00 GMT)

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