Ubisense chief executive Richard Green.

Location solutions company Ubisense has bought a geospatial consultancy firm – based in the same building in Cambridge – for £2.4 million.

It has acquired Realworld OO Systems – the UK subsidiary of Realworld Holding – which shares its St Andrew’s House premises in St Andrew’s Road.

The cash consideration consists of £1.25 million on completion and a performance-based payment of up to £1.15 million over the next two years.

Realworld, which provides location solutions to telecoms companies such as Cable & Wireless, has 20 employees and had revenues of £2.8 million last year, with a net loss of £0.1 million.

Ubisense chief executive Richard Green said: “This strategically important UK acquisition will expand and significantly improve our UK presence and brings additional skills for our UK operation.

“Realworld are very well known to us, being located within the same building as our Cambridge operation. We will be able to utilise their skills to expand our existing team and support our customers.”