Business
Acquisition
Acquisition.
About this update from Oxford Metrics Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 6221B OMG PLC 22 February 2011 \n \n\n \n \n22 February 2011\nOMG plc\n \nAcquisition of Sensing Systems, Inc\n \nEstablishing OMG as leader in a growing market \n \n \nOMG plc, Oxford Metrics Group (LSE: OMG), the technology group providing image understanding products for the entertainment, defence, life science and engineering industries, is pleased to announce that it has acquired Sensing Systems, Inc. (\"Sensing\"), a leading provider of software products and services for aerial platforms demanding superior digital media capability, for a maximum consideration of up to $8.5m (£5.3m). \n \nA combination of Sensing and 2d3, OMG's defence and aerial imaging business, is highly complementary. 2d3 and Sensing are currently both well positioned within the growing video intelligence market and work directly both with government departments and with key prime contractors in the space including: US Department of Defence, UK Ministry of Defence, US and UK civilian agencies and commercial customers. Sensing will provide OMG with instant operational capabilities by opening up a wide array of digital media opportunities.\n \nThe addressable market of both businesses will expand considerably. 2d3 has a strong track record of creating vision science capabilities, which are used by analysts to enrich the raw image content from aerial platforms into powerful and actionable reports. Sensing will add value with its proven ability to provide low-level video import and export tools as well as standards compliant software libraries.\n \nThe acquisition will establish OMG as a new leader in a growing market and will accelerate the growth of 2d3's defence and aerial imaging business, fulfilling OMG's strategic objective to expand its operations in this important marketplace. The deal represents the next important step in the development of the 2d3 business. A combined entity will exploit both 2d3 and Sensing's existing involvement in the US and UK, establishing a strong position in a number of important US and NATO-related projects.\n \nThe acquisition comprises an initial consideration of $3.5m (£2.2m) with $2.5m (£1.6m) in cash and $1m (£0.6m) in OMG shares, to be satisfied by the issue of 1,568,964 new ordinary shares. In addition,...