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LONDON (Alliance News) - Traffic data software firm Tracsis PLC said Wednesday it acquired rail timetabling software firm Bellvedi Ltd for up to GBP12.5 million in a cash-and-shares deal.
Tracsis will pay an initial GBP4.0 million for Bellvedi, of which GBP3.7 million will be in cash and the remainder through the issue of 45,525 shares in Tracsis at 648 pence each. Up to a further GBP900,000 payment will be made to reflect the net current assets position of Bellvedi.
Shares in Tracsis were 2.3% higher at 670.00 pence on Wednesday, giving it a market capitalisation of GBP191.5 million.
A further GBP7.9 million payment is subject to Bellvedi achieving profit targets over the following four years after acquisition.
For the year ended March, Bellvedi generated GBP700,000 in pretax profit on revenue of GBP1.6 million. For the year ended July 2018, Tracsis reported pretax profit of GBP8.3 million on revenue of GBP39.8 million.
"Tracsis has known the Bellvedi team for a number of years and has worked with them closely on a number of key projects," Tracsis Chief Executive Officer John McArthur said. "Bellvedi has a great product and complimentary customer base and their expertise in timetable planning and optimisation is second to none."
"The ATTUne software fulfils a critical element of our TRACS Enterprise suite and coming together with Bellvedi allows us to create a more seamless product whilst also accelerating our industry roll out," McArthur added. " We welcome the Bellvedi team to Tracsis, and look forward to continued successes in the future."
