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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
