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Ipernica Acquires NearMap for A$16m

Posted on 21/11/2008 by Admin

21st Nov 2008 – Diversified technology and intellectual property group, ipernica ltd (ASX : IPR), has acquired 100% of the equity interests in NearMap Pty Ltd. The transaction was completed today. Ipernica Ltd has agreed to pay $16 million for NearMap, a company founded by Stuart Nixon in Australia after he sold ERMapper to Leica Geosystems.Ipernica was formerly known as QPSX. It was founded in 1987 to commercialise Distributed Queue Dual Bus technology invented at the University of Western Australia. The company was a joint venture between the university and the telecommunications company, Telstra. DQDB later became the basis of the IEEE802.6 standard used in metropolitan area networks. The family of IEEE802 standards forms the basis of local, metropolitan and wide area computer networks. Over the years Ipernica has transformed itself into an intellectual property company with investments in diverse advanced technologies.NearMap is a new media company formed to generate revenues from online location centric advertisements. It addresses the growing online advertising market with photomaps which are current, high resolution and offer multi angled views of aerial imagery which are captured at a fraction of the cost and time of traditional systems.  Ipernica says NearMap is attractive because it has developed technologies for mosaicing large amounts of very high definition imagery. Imagery is sourced from the HyperPod aerial camera system, which consists of four oblique cameras and one nadir camera. It generates about a Gigabyte of data per second. This bit stream is processed by HyperVision software into a seamless image of the area. It runs on supercomputer clusters. The Hyperweb then distributes this data online.Ipernica’s managing director, Graham Griffiths, says the company will begin sales and marketing around the end of the year. It is not clear whether it will sell the technology, either in components or as a compete system, or whether it intends to compete directly with Microsoft and Google in the production of high resolution city views.

Total consideration for the acquisition comprises:

• $4,000,000 in cash;

• 60,000,000 ipernica shares (escrowed for 2 years); and

• 12,500,000 ipernica options at a strike price of $0.40, with a three year expiry period.

As part of the cash consideration above, ipernica injected A$500,000 into NearMap prior to completion; the remaining $3,500,000 was paid to the Vendors at completion.The Ipernica board believes that this acquisition will benefit ipernica shareholders by leveraging the Company’s existing commercialisation skills, as well as current cash reserves and equity, to aggressively grow the NearMap business. In conjunction with ipernica’s current business, which delivered $15.2 million in Net Profit after Tax and $45.2 million in Revenue in FY 2008, the ipernica Board believes that the acquisition will enable the Company to deliver sustainable revenue and profit, and provide consistent returns to shareholders in future years.

http://tmt-transactions.com/ipernica-acquires-nearmap-for-a16m/