1Spatial raises funds for Star-Apic acquistion

1Spatial has raised 18m pounds through the placement of 300m shares to fund its acquisition of Star-Apic.

The software company has agreed to acquire 75.14% of the issue share capital of Star-Apic for €5.1m.

Star-Apic, based in Belgium, is a provider of geographic information systems software and solutions, specialising in land and infrastructure management.

"I am delighted to announce the news today of our placing and subsequent acquisition of Star-Apic," said Chief Executive of 1Spatial, Marcus Hanke.

"1Spatial is a leading geospatial technology provider with the strategic goals to expand into other geographic markets, enhance and increase our product offerings, and support other vertical sectors."

1Spatial will also use the proceeds of the fundraising for additional working capital, to open a sales and support centre in the Middle East and for product development, marketing and further potential acquisitions.

Shares climbed 16.67% to 7.88p at 12:02 Friday.

RD