TIDMIDOX
RNS Number : 0307O
IDOX PLC
05 October 2021
5 October 2021
Idox plc
('Idox' or the 'Group' or the 'Company')
Acquisition
Idox acquires exeGesIS , a GIS software business
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
exeGesIS Spatial Data Management Ltd ("exeGesIS"), a UK based
geospatial information services (GIS) technology business.
Highlights
-- Further enhances Idox's GIS capabilities following the recent purchase of thinkWhere
-- Initial cash consideration is GBP5.35m
-- Strong margins and recurring revenues
-- Immediately earnings enhancing
Consideration
The initial cash consideration for the acquisition is GBP5.35m,
with up to GBP1.65m of additional cash consideration deferred for
12 months, contingent on the retention of existing recurring
revenues. The consideration will be funded from Idox's existing
financial resources.
About exeGesIS
Based in Brecon, Wales, exeGesIS provides both public and
private sectors software which helps collect information and manage
assets of ecological, environmental and historical importance. The
company works with private organisations, local authorities and
other public sector bodies who manage public rights-of-way,
archaeological sites, historic assets, conservation areas and
nature reserves. This customer base is complementary to Idox's and
brings a number of new clients into the Group.
Employing 35 people, exeGesIS is highly regarded within the geo
spatial sector, providing a range of GIS focused software
solutions. Director Crispin Flower will join Idox in a new role
leading the GIS function with the remaining management team exiting
the business following an integration plan planned to span a
six-month period.
Strengthening Idox's presence in an attractive new sector
Idox views the GIS sector as an attractive, high growth
adjacency and has placed an increased focus on its GIS capabilities
recently, notably with the purchase of thinkWhere in August 2021.
The acquisition of exeGesIS will considerably improve Idox's
product offering, specifically within the land and property sector.
The established mapping technologies and knowledge within exeGesIS
will enable Idox to provide much needed data and services that
allow for location visualisation which is an emerging requirement
across a number of land and property industries.
This acquisition provides Idox with the opportunity to enhance
our GIS offerings, notably to help build on the management and
recording of data on emissions and land usage. This enhanced GIS
offering is crucial, especially as environmental issues remain high
on the global agenda.
The acquisition is expected to be immediately earnings enhancing
and the Board believes there is scope to deliver attractive profit
growth over the medium term through a range of commercial
synergies.
David Meaden, CEO of Idox commented:
"As Idox continues to build on its GIS, mapping and data
capabilities, the acquisition of exeGesIS is an exciting move and
allows us to offer greater expertise, products and services to our
customers. The addition of the exeGesIS products to our current
offering will provide customers and users the opportunity to
benefit from a single supplier relationship and extended
capabilities."
"The integration of this business, coupled with the recent
acquisition of thinkWhere, will place Idox in a strong position to
capitalise on the growth of the UK's location data market. This
transaction will provide further support to the exeGesIS business
and products so that it can continue to grow both domestically and
internationally."
Notes:
For the year ended 30 April 2020, exeGesIS reported revenues of
GBP2.8m and PBT of GBP0.8m. Gross assets at 30 April 2020 were
GBP2.3m. exeGesIS is majority owned and controlled, directly and
indirectly via connected persons, by two directors James Perrins
and Anthony Pettitt, and one employee Paul Mills.
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
Rob Grubb, Chief Financial Officer
Peel Hunt LLP (NOMAD and Broker) +44 (0) 20 7418 8900
Edward Knight
Paul Gillam
Nick Prowting
MHP Communications +44 (0) 203 128 8170
Reg Hoare / James Bavister / Alex Janiaud idox@mhpc.com
About Idox plc
For more information see www.idoxplc.com @Idoxgroup
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END
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