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Getech Acquires to Acquire UK Geographical Information Systems Firm Exprodat Consulting.

M2 EQUITYBITES-June 15, 2016-Getech Acquires to Acquire UK Geographical Information Systems Firm Exprodat Consulting

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15 June 2016 - UK-based geoscience business Getech Group plc (AIM; GTC) has closed an agreement to acquire the entire issued share capital of geographical information systems software and services firm Exprodat Consulting Ltd., the company said.

Exprodat provides geographical information systems software and services to the oil and gas industry.

Getech will make acash payment equal to the value by which net assets exceed GBP 500,000 payable in two instalments. It will also issue 4,666,667 Getech shares.

On this basis, using the closing share price on Monday 13 June 2016, the aggregate potential consideration will be valued at GBP 1.76m (USD 1.98m).

Exprodat's gross assets total GBP 1.57m with net assets of GBP 1.008m.

Getech has previously said a strategic aim of acquiring companies with clear commercial fit and synergies, in parallel with the strategic aim of organic growth.

In April 2015 it completed the acquisition of ERCL Ltd., an oil and gas consultancy based in Henley on Thames.

Exprodat was founded in 2002 and is a London-based consultancy with 20 staff, specialising in the provision of services and consultancy relating to data management and the use of GIS systems.

It provides training in both public and private environments, and has developed, and licences commercially, several software packages which support petroleum exploration.

Getech will acquire Exprodat from its existing shareholders Gareth Smith, Nicholas Cribbens, Christopher Jepps, Julie Cullen and Ross Smail.

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Date:Jun 15, 2016
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