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17 May 2016

CU advises Spookfish Ltd on license, royalty and equity investment by Vista Equity via EagleView Technologies

Perth, 17 May 2016: Clayton Utz is advising ASX listed geospatial imagery products and services company Spookfish Ltd (ASX: SFI) in respect of its entry into license, royalty and equity investment agreements with EagleView Technologies Inc, a North American market leading provider of aerial imagery, data analytics and GIS solutions, announced today.   

EagleView is a portfolio company of Vista Equity Partners, a leading private equity firm with US$20 billion in capital commitments and a focus on investing in software and technology-enabled businesses. 

Under the agreements, Spookfish will provide EagleView with an exclusive long-term licence to operate Spookfish Capture Platform technologies and sell output products in North America.  Spookfish will receive a long-term royalty consisting of a fee per square mile captured and a share of revenues generated from Spookfish Capture Systems.   

EagleView will invest A$6m via unsecured, interest free convertible notes which convert into a 10% interest in Spookfish, and receive options to acquire an interest of up to 9.9% of Spookfish upon satisfaction of revenue milestones.  The issue of options is subject to any necessary Spookfish shareholder approvals. 

Clayton Utz Perth corporate partner Mark Paganin and senior associate Stephen Neale are leading the firm's team with support from special counsel David Benson, senior associate Annie Atkins and lawyer Thomas Parker.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.