Announcement
Tracsis PLC : Strategic Investment in Citi Logik Limited
RNS Number : 2051Y
Tracsis PLC
07 September 2015
Tracsis plc
("Tracsis" or the "Group")
Strategic Investment in Citi Logik Limited
Tracsis plc, a leading provider of software and technology led products and services for the transportation industry, is pleased to announce it has made a strategic investment to acquire 29.4% of Citi Logik Limited ("Citi Logik").
Established in 2011, Citi Logik has developed unique technology and expertise in mobile analytics to improve the understanding of interactions between people, transport and the built environment using large anonymised mobile phone datasets. The business has a global framework agreement with a major FTSE 100 telecommunications business to source mobile data and works with a range of public and private customers on projects ranging from transport analysis to consumer behaviour and travel patterns.
The Directors believe Citi Logik has a highly novel technology platform that will be complementary to the existing Tracsis Traffic & Data Services division. Mobile analytics offers strong cross sell and upsell opportunities to the Tracsis Group and complements existing survey methods which will expand the market into larger projects of greater size and complexity.
Under the terms agreed, Tracsis will invest up to £1.0m via a combination of equity and debt funding in return for 29.4% of the issued share capital in Citi Logik. Investment of £0.5m will be made immediately with a further £0.5m invested within the next 12 months subject to delivery of agreed business plan milestones. A Tracsis executive will join the Board of Directors of Citi Logik to help grow the business and promote mobile analytics to the Tracsis customer base.
John McArthur, Chief Executive Officer of Tracsis plc, commented:
"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."
Stephen Leece, Managing Director of Citi Logik Limited, commented:
"We are very pleased to join forces with Tracsis having worked with them for some time now as a valued customer. The combination of Tracsis' existing technology and extensive customer list, combined with Citi Logik's unique mobile analytics offering makes for a great value proposition. With this investment in place we now look forward to accelerating delivery of our business plan."
For more information please contact:
|
John McArthur/Max Cawthra, Tracsis plc |
Tel: 0845 125 9162 |
|
Dominic Emery/Matt Lewis, Investec Bank plc |
Tel: 020 7597 4000 |
|
Rebecca Sanders Hewett, Redleaf PR |
Tel: 0207 382 4730 Tracsis@redleafpr.com |
Notes to editors:
§ The Group specialises in solving a variety of data capture, reporting and resource optimisation problems along with the provision of a range of associated professional services.
§ Tracsis' products and services are used to increase efficiency, reduce cost and improve the operational performance and decision making capabilities for clients and customers.
§ The Company offers the following services:
- Software and technology led consulting: Industry strength resource optimisation software that covers a variety of asset classes working alongside consulting and related professional services across the operational and strategic planning horizon.
- Remote Condition Monitoring: Technology and reporting for critical infrastructure assets in real time, to identify problems and aid with preventative maintenance.
- Traffic & Data Services: Collation and analytical services within traffic and pedestrian rich environments.
§ Tracsis has a blue chip client base which includes the majority of UK transport operators such as Arriva, First, Go-Ahead, Keolis, National Express, Stagecoach and Virgin. The business also works extensively with Network Rail, the Department of Transport, multiple local authorities, and a range of large engineering/infrastructure companies.
§ Tracsis has offices in the UK and Australia which service projects in Europe and Australasia.
§ The business has consistently driven growth organically and through acquisition and has made six acquisitions since 2008.
§ Tracsis listed on AIM in 2007 under ticker TRCS.
§ For more information visit http://www.tracsis.com
This information is provided by RNS
The company news service from the London Stock Exchange
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