IQGeo, a developer of geospatial productivity and collaboration software for the telecoms and utility industries, today announced a successful fundraise of [£5.0 million] and the acquisition of OSPInsight International, Inc. Under the terms of the agreement IQGeo will purchase OSPInsight for $8.75m which will be funded through a mix of cash and shares. The completion of the acquisition is subject to shareholder final approval.
The OSPInsight fiber planning and design software for the telecoms market is highly complementary with IQGeo’s own geospatial software that also supports telecoms network operations. While the current IQGeo offering targets larger enterprise network deployments (tier 1 and tier 2 operators), the OSPInsight software is ideally suited for the needs of smaller networks (tier 3 and tier 4 operators) with simple, fast deployments. The combination of the two product lines, as well as the telecoms industry and software technology expertise, will enable IQGeo to service an expanded target market in existing and new geographies.
Richard Petti, CEO at IQGeo said. “The entire IQGeo team is very excited about the business and technology potential that will be created by the acquisition of OSPInsight. With more than 25 years of industry experience, they have developed an excellent product line and established an impressive list of customers, while building a very strong reputation in the telecoms industry. We see this as a fantastic opportunity that provides IQGeo with a proven software solution and sales channel for tier 3 and tier 4 network operators and it gives the OSPInsight team the global reach and financial resources needed to take their software to a wider audience.”
“The real winner in this acquisition will be OSPInsight customers,” explained Wade Anderson, CEO at OSPInsight. “Our customers will continue to enjoy the same level of support they’ve always had and have a greatly expanded product line for additional network management solutions. Existing and future OSPInsight customers will quickly have access to IQGeo’s industry-leading mobile software that digitizes field operations to improve network data quality and currency. The two product lines dovetail very nicely. I’m excited for the shared vision of providing world-class software that helps our telecoms customers transform their network operations. We can’t wait to get started.”
You can learn more about the acquisition by visiting the IQGeo Investor page to view a video interview with Richard Petti, IQGeo’s CEO and Haywood Chapman, IQGeo’s CFO.