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Not so much Immedia as “I’m outta here” as the company is discussing a reverse takeover by big data specialist Sprift.
Immedia Group PLC () said a reverse takeover is in the works, with the company planning to acquire property data specialist Sprift Technologies.
If the reverse takeover (RTO) goes ahead, it will entail the issue of £35mln of Immedia shares. Trading in the shares of Immedia has been suspended pending the outcome of the takeover talks.
In the meantime, Sprift has agreed to lend Immedia, a supplier of multi-media content and digital solutions, up to £900,000 in three equal instalments over the next three months. The loan will be interest-free.
“We are incredibly excited to be working with Sprift towards an RTO which we believe will be transformational for Immedia’s shareholders. Sprift is a dynamic property technology business that is rooted in big data and data science to deliver platform economics to real estate markets. Sprift is a young business in the sector, but is a leader in the next wave of property technology that we believe is capable of significant short and medium-term growth across both the business and consumer marketplace,” said Tim Hipperson, the chairman of Immedia.
Ash Sheikh, the chief operating officer of Sprift, said Sprift has already built a strong user base and is gaining a reputation as being a trusted authority on UK property data.
“Our data comes from official and trusted sources from within both the public and private sectors; some examples being Ordnance Survey, Royal Mail, Google, Land Registry and Ofsted. In addition, we have spent years building our own proprietary data sets, some of which we even provide back to those official sources,” Sheikh said.
“We feel that obtaining a quotation on the AIM market through this RTO will provide us with a springboard to accelerate our -growth trajectory, allowing us to capitalise on opportunities both in the UK and further afield,” he added.
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