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(Alliance News) - Journeo PLC on Wednesday said it has bought MultiQ Denmark AS for EUR2.5 million.
Shares in the Leicestershire-based transport system services provider were up 5.4% to 194.00 pence each in London on Wednesday afternoon.
MultiQ is a leading full-service provider of Intelligent Transport Systems with customers in Denmark, Sweden and Iceland. It is based in Aarhus, Denmark.
Jorneo said the acquisition will provide opportunities for cross-selling of products, technologies and software and strengthens Journeo's presence in the Nordic market, where it already operates in Stockholm.
Management expects MultiQ's revenue for 2023 to be approximately EUR3.3 million, with an operating profit of EUR260,000.
The EUR2.5 million payment will be satisfied through the payment of EUR2.1 million on completion, with two deferred payments of EUR200,000 at 12 months and 24 months following completion. This, Journeo said, will be funded from existing cash resources.
Chief Executive Russ Singleton said: "The acquisition of MultiQ provides Journeo with an established, full-service provider of Intelligent Transport Systems in Denmark and further strengthens our expansion into the Nordic markets. MultiQ has a leading position and strong SaaS based sales approach with approximately 40% recurring revenue that will complement our existing offering and bring further scale to our cloud-based applications."
By Sophie Rose, Alliance News reporter
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