Home News Business 1Spatial to raise £18 mn and purchase Star-Apic

1Spatial to raise £18 mn and purchase Star-Apic

US: 1Spatial, the big data firm providing geospatial intelligence, will raise £18 million, €5.1mn (£4.4mn) of which will go on the partial acquisition of GIS firm, Star-Apic.

News of the placing and acquisition sparked a major increase in 1Spatial”s share price, which rose over 18%, up 1.25p to 8p a share, as the company outlined plans to invest in growth through further acquisitions and product development.

Star-Apic”s software is used to create, manage, analyse and display geospatial data, which 1Spatial says makes it an important and highly complementary bolt-on acquisition, enhancing the its capability in the rapidly growing big data market.

The deal, which is for 75.14% of Star-Apic, widens the market reach for both companies’s products as they share sales channels, providing access for 1Spatial to new markets such as France and North Africa.

Source: Cabume