Location data intelligence firm, Location Sciences has agreed to a global data partnership with X-Mode, the foremost location data provider globally. This follows the decision by the Board to focus the Company and its resources on Verify, thereby maximising the Company’s growth potential in the next few years.
The partnership also gives Location Sciences the opportunity to extend its insights product reach internationally, which gives a further opportunity for growth in the foreseeable future.
X-Mode is acquiring Location Sciences’ location data collection assets for a consideration of up to US$640,000 to be satisfied in cash. The consideration comprises an initial payment of up to US$180,000 with the balance to be paid monthly until December 2021. The total amount of the consideration payable is subject to the timing of the transfer of the data collection assets and certain performance criteria.
X-Mode is a leading global provider of location data and following the partnership with Location Sciences becomes the largest provider of GDPR compliant location data in the UK and a leading provider in the European Union (EU). The partnership gives Location Sciences access to the largest pool of quality location data globally, which will help the Company broaden its insights customer base, while securing its status as the premier location insights company in the UK.
The deal allows Location Sciences to focus on Verify as its sole business going forward, positioning itself as a pure-play location verification and insights company, while ensuring access to the largest pool of quality location data globally, giving the Company a distinct competitive advantage in the market place.
Strategically, this deal fulfils the Board’s decision to focus the team and our resources on the scalable business model – verification and measurement insights. Significantly, X-Mode’s international data allows us to offer greater location insights products to our US Verify customers. We received a few offers for the Company’s location data collection assets, but X-Mode stood out due to its international scale and ambitious plans to grow its business and reach globally. We look forward to working closely with Josh and his team.
Mark Slade, Chief Executive Officer, Location Sciences