Avisen gets Spatial
Business and technology consultant Avisen (AVI) has acquired mapping specialist 1Spatial (SPA) in a reverse takeover worth £4.74 million.
Avisen purchased fellow AIM counter 1Spatial in a deal that valued each share in 1Spatial at 22.35p. The offer comes at a discount of 10.6 per cent to 1Spatial's closing price on the 6 October. Avisen's shares currently trade at 3.88p.
The new group will be comprised of a team from both Avisen and 1Spatial. 1Spatial's American chairman Steve Berry will take over as chairman of the new company, while Avisen's chief executive officer Marcus Hanke will lead the charge. 1Spatial's existing CEO Nic Snape will assume the new role of 'managing director' while Avisen's finance director Claire Milverton will be overseeing the numbers.
Marcus Hanke, the chief executive officer of Avisen explained that the business had been looking to acquire a company 'that would enable greater scale to be extracted' from its current operations. Nic Snape, CEO of 1Spatial enthused that the merger will bring 'access to capital and business acumen' to the business.
Growth Company Investor last rated shares in 1Spatial as a hold this April at 37p in which we remarked that a recent reversal into cash shell IQ Holdings had left the company with 'lots of small shareholders' leading to a price that had 'struggled'.
Meanwhile Avisen itself was recommended as a speculative buy in March at 6.25p following the sale of its Inca Software subsidiary for £8.65 million. With specialist knowledge in two different sectors, time will tell if the merger proves a success.