LONDON (Alliance News) - Transportation software and technology company Tracsis PLC Monday said it has agreed a deal to acquire 29.4% of Citi Logik Ltd for up to GBP1.0 million.
Under the deal Tracsis will invest up to GBP1.0 million through a combination of equity and debt funding, with GBP500,000 to be invested immediately and a further GBP500,000 to be invested within a year dependent on some milestones.
Tracsis said it believes Citi Logik's technology platform will be complementary to its existing Traffic and Data services division. A Tracsis executive will joint Citi Logik's board of directors.
"We are delighted to have completed this investment into Citi Logik and look forward to working with their team to help promote a unique offering to our client base. The potential of mobile analytics is significant and not only complements our existing traffic and data services division but creates an entirely new market outside of what can be achieved by discrete survey methods," said Chief Executive Officer John McArthur in a statement.
Shares in Tracsis were up 1.6% at 454.49 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Tracsis (TRCS)