1Spatial to join AIM through reverse takeover

IQ Holdings, the investment group, is pleased to announce that it has today reached an agreement to acquire the entire issued share capital of 1Spatial Group Limited.  Pursuant to the AIM Rules for Companies, the Acquisition will constitute a reverse takeover and will be subject to shareholder approval. 

• 1Spatial is a leading provider of products and services that enable clients to collect, audit, manage, modify and reuse geospatial (location based) data
• 1Spatial has a strong financial track record with 7 years of profitability and no debt
• Current clients include Ordnance Survey, Environment Agency, Cable and Wireless, Royal Air Force, and The Scottish Government
• Following completion of the Acquisition, it is proposed that the name of the Company be changed to 1Spatial Holdings plc in order to reflect the new business strategy
• On completion, the Board members of IQ will step down and the current 1Spatial Board members will take their place

1Spatial provides an intelligent data quality and integration platform for organisations worldwide that need to trust their location-based information.  The solutions and services provided are well suited for organisations, which handle high volumes of business critical location-based data.  To date, 1Spatial has had significant success in the UK & Ireland, Mainland Europe and Asia Pacific and, therefore, the priority focus will remain on these geographic segments. 

1Spatial sells its technology and services to a wide range of organisations, all of whom create or use information which has a location-based element.  These organisations include national mapping and charting agencies, public sector organisations, energy and utilities, telecommunications, transport and distribution and defence. (Current clients include Ordnance Survey, Environment Agency, Cable and Wireless, Royal Air Force, and The Scottish Government)

Commenting on the proposed Acquisition David Marks, Chairman of IQ Holdings, said: “We have been looking at potential acquisition candidates for some time now and we believe that 1Spatial offers our shareholders a significant opportunity.

“1Spatial’s management has a wealth of experience within the data sector and has steadily grown the business, both organically and through acquisition. The Company has a proven financial track record and a solid business model which we believe offers considerable growth potential.