Location Sciences Group PLC (LON:LSAI) reported revenues growth of 60% to £1.2mln last year and said it had agreed to sell its location data collection assets to US location specialists X-Mode as part of a new partnership.
The AIM-listed company, which provides verification and analytics services for location data, has over the last year increasingly been focused on growing its verification platform, Verify.
X-Mode will pay up to US$640,000 in cash, with an initial payment of up to US$180,000 and the balance to be paid monthly until December 2021.
Location Sciences chief executive Mark Slade said: “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.”
He said a few offers had been received for the location data collection assets, but X-Read More – Source