Location Sciences Group acquires delivery tech firm Sorted
Location Sciences Group, a publicly listed advertising technology firm registered in Cheltenham, has acquired delivery technology company Sorted.
According to information updates on the London Stock Exchange, the companies has paid a nominal fee of just £66.73.
Location Sciences said that the company will trade under the new name of "Sorted Group Holdings Plc".
Location Sciences said that the acquisition represents a significant opportunity for it implement its strategy to maximise shareholder value in the short-to-medium term through leveraging Sorted's leading edge technology as well as the significant capital investment made in Sorted to date (in excess of £70 million)
Sorted is an attractive SaaS business model with more than 60 employees operating in the ecommerce sector with scalable predictable revenue performance, has a diverse customer base of household retail brands and strong industry partnerships.
The global ecommerce market, which is currently highly fragmented, is forecast to grow significantly.
Location Sciences has appointed Carmen Carey as Chief Executive Officer, Mahmoud Warriah as Chief Financial Officer and Petar Cvetkovic as Non-Executive Director.