accesso Technology Group PLC - Berkshire, England-based provider of software for leisure, entertainment and cultural sectors - Buys leisure sector ticketing and visitor management platform VGS for USD52.6 million total cash consideration. VGS will be rebranded as accesso Horizon. Completion expected in the coming days. accesso Technology says acquisition will enable further revenue growth by expanding platform to add e-commerce, and deliver immediate earnings accretion. Says VGS is "consistently profitable" with proforma pretax profit around USD4 million in 2022. VGS serves over 100 venues "including the world's most popular theme park destination."
accesso Chief Executive Officer Steve Brown says: "The VGS solution fits squarely into our product roadmap and its top tier customer base speaks volumes for the quality, scalability and functionality of the technology...It further elevates our brand, expands our product proposition, significantly increases our international presence, enhances our revenue diversity and presents extensive new opportunities for global growth."
Current stock price: 790.00 pence, up 4.6% in London on Tuesday
12-month change: up 28%
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Accesso Technology Group (ACSO)