1Spatial - £8m raise to drive expansion

1Spatial has completed an accelerated bookbuild, raising net proceeds of £8m. The funds will be invested in customer acquisition, the repayment of the outstanding overdraft and the ongoing development of the company’s core technology suite. The announcement also confirms trading is in line with expectations and that 1Spatial has won a number of new contracts to provide data management solutions to a UK infrastructure provider. We leave our underlying forecasts unchanged at this stage.