Leeds traffic data firm Tracsis has announced the acquisition of Hertfordshire-based rival Bellvedi.
The deal with Bellvedi, a software company that specialises in timetabling optimisation software, will comprise an initial cash payment of £3.7m, with an additional £900,000 to be made at completion and £7.9m subject to certain financial targets being met over the next four years.
Tracsis will acquire the entire issued share capital of Bellvedi and all 11 of the Hertfordshire firm’s 11 permanent staff will remain with the business.
The two companies have already partnered on several significant software projects and Tracsis said it considers Bellvedi “strategically important and highly complementary” to its software offering and future products.
“Bellvedi has a great product and complimentary customer base and their expertise in timetable planning and optimisation is second to none,” said John McArthur, Chief Executive Officer of Tracsis.
“We welcome the Bellvedi team to Tracsis, and look forward to continued successes in the future.”
John Bell, Managing Director of Bellvedi, added: “This transaction marks the start of an exciting new chapter in the life of Bellvedi and our products.
“Over the past few years, Bellvedi has established a reputation as a provider of first class software products to our customers, empowering the rail industry to push boundaries and innovate beyond the established norms.
“Being part of a larger Group will enable us to unlock opportunities that will benefit the UK rail industry and beyond.”
Tracsis works with the likes of Network Rail, the Department of Transport, TfL, multiple local authorities, major outdoor music and sporting events. This latest acquisition marks its 13th since 2008.