Cheltenham-based Location Sciences (LSAI) has announced the acquisition of Manchester-based Sorted.

Location Sciences, which is based in Cheltenham's St James' Square, is an independent, third-party data intelligence company that verifies the accuracy and quality of location data used in proximity-targeted advertising. Its core product, Verify, gives marketers and suppliers critical insight on the accuracy and quality of location marketing.

Sorted, which with more than 60 staff now becomes part of LSAI, provides industry-leading SaaS (software as a service) for the delivery of goods and post-purchase performance analysis, while also empowering its customers to track deliveries, or return or exchange parcels with minimal effort. It sells its expertise to large, global enterprises as well as smaller, independent start-ups.

Simon Wilkinson, chairman of Location Sciences, said the acquisition of Sorted was "a significant step".

He added: "Whilst this is taking time due to the nature of the processes designed to protect all shareholders, we are delighted with the progress we have made thus far and that our advisers are continuing to work hard on the transaction to bring it to fruition."

Carmen Carey, CEO of Sorted, said: "Alongside pushing forward with the transaction, I am pleased with the important progress we have made at Sorted, including streamlining operations, expanding the customer base and increasing shipment volumes with our existing customers. This all bodes well for the future of Sorted."

Updates on the London Stock Exchange indicated that LSAI paid a nominal fee of £66.73 for the acquisition.

Location Sciences has indicated that the acquisition was a significant opportunity to implement its strategy to maximise shareholder value in the short-to-medium term through leveraging Sorted's leading-edge technology, as well as the significant capital investment made in Sorted to date, which is in excess of £70m.

● Major shareholders in LSAI include boohoo co-founder Mahmud Kamani and former Zeus boss, Richard Hughes.