1Spatial accepts terms of possible PS87.1 million offer by VertiGIS
1Spatial PLC on Friday said it has agreed in principle a proposed £87.1 million offer from VertiGIS Ltd, a portfolio company of London-based private equity firm Battery Ventures.
The Cambridge, England-based location master data management software company said the cash bid would value each 1Spatial share at 73 pence.
In response, 1Spatial stock soared 42% to 66.00p per share in London on Friday morning.
VertiGIS confirmed that it has completed commercial due diligence, has a clear understanding of the 1Spatial business and requires only limited confirmatory diligence to proceed to making a firm offer.
1Spatial said it has confirmed to VertiGIS that it intends to unanimously recommend the offer should it be made.
The possible bid has received the support of 1Spatial’s largest shareholders representing just under 34% of its share capital.
These include received irrevocable undertakings from Threadneedle Asset Management Ltd, Columbia Threadneedle Management Ltd and Canaccord Genuity Asset Management.
1Spatial said the proposed offer presents an ‘attractive valuation’ and a ‘compelling liquidity opportunity not currently afforded by the public markets and accelerates the ability to scale and deploy capital to significantly grow the business.’
Under Takeover Panel rules, VertiGIS has until January 9 to make a firm bid proposal.
London-based VertiGIS is a leading spatial asset management and geographic information systems solutions provider and software developer.
Battery Ventures is a global, technology-focused investment firm with offices in the US, Europe and Israel and invests across early venture capital, growth equity and buyout investments within the technology sector.
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