What it does
It taps into the US$160bn digital advertising industry, working in partnership with brands, media agencies and suppliers to reduce ad-wastage and improve the effectiveness of location-based advertising campaigns.
Its core product is Verify, the world's first independent location verification product, which detects location ad-fraud and shines a light on location data inaccuracy with the aim of bringing back integrity, transparency and trust to the digital marketplace.
Among its clients there are billboard advertiser JCDecaux, the world's largest outdoor ad company, and the7stars, the UK’s largest independent media agency, which serves huge brands such as Papa Johns and Nintendo.
How it is doing
Location Sciences reported revenues growth of 60% to £1.2mln for 2019 and said it had agreed to sell its location data collection assets to US location specialists X-Mode as part of a new partnership.
The AIM-listed company has over the last year increasingly been focused on growing its verification platform, Verify.
X-Mode will pay up to US$640,000 in cash, with an initial payment of up to US$180,000 and the balance to be paid monthly until December 2021.
What the boss says: Mark Slade, chief executive
“Strategically, this deal fulfils the board's decision to focus the team and our resources on the scalable business model - verification and measurement insights”.
The partnership, he said, will also give Location Sciences “access to the largest pool of quality location data globally”.
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In September, the AIM-listed firm raised £600,000 by issuing 27.2mln new shares to support the group’s investments in the US market, specifically the growth of its Verify platform, through new hires and additional marketing spend.
- Location Sciences says the digital advertising market place remains unregulated and unmonitored, with an estimated US$19bn wasted on ad-fraud in 2018
- Analysts say it offers a unique verification solution into a mobile advertising market of more than US$145bn
- The company says it laid "solid foundations" to grow Verify globally