Published on: October 5, 2021
GIS capabilities – and earnings – further enhanced
Idox has announced the acquisition of exeGesIS Spatial Data Management Ltd, a UK based geospatial information services (GIS) technology business, for an initial cash consideration of £5.35m payable from existing resources. This acquisition adds to the GIS capabilities which Augusts purchase of thinkWhere brought to the Group. exeGesIS will also add to Idoxs recurring revenues and is immediately earnings enhancing. Idox is now in a strong position to capitalise on the growth of the UKs location data market. The series of acquisitions including Aligned Assets in June – that Idox has undertaken since the disposal of its Content division has quickly recycled the disposal proceeds. In line with Group strategy, the acquired businesses have augmented the Groups positioning as a software business selling to public-sector and engineering customers. We make no adjustments to the current financial year given the proximity of the October year end, but our revenue and EBITDA estimates both increase by 4% in each of FY 2022E and FY 2023E. Our estimated net debt numbers reflect the full consideration.