Mon, 19 May 2014 | MERGER
Software for transport business Tracsis has purchased Datasys, which counts Virgin amongst its customers, in a £4.5 million deal.
The purchase is Tracsis’ sixth in a line of strong technology-based business acquisitions operating in the transport area. Manchester-based Datasys provides rail management software to big players such as First Group, National Express, Stagecoach, Virgin and Arriva. Shareholder directors Ian and Margaret Bithell and Andrew and Morag Ashworth are exiting the sold business.
Leeds-based Tracsis is to pay £4.15 million in cash and another £400,000 in shares. Datasys’ 17 staff are to remain with the business. Accountants CLB Coopers and law firm Weightmans acted as advisers for the vendors on the sale.
For the year to 31 May 2013 Datasys’ unaudited accounts show a turnover of £2.27 million, and pre-tax profits of £298,000. It has no debts, cash balance at completion of about £1.3 million and tangible assets of about £400,000.
John McArthur, CEO of Tracsis, said the company is pleased to have made the purchase of Datasys, a well-positioned business in the rail industry, and that the two companies have a “strong overlap”.
He said: “The partnership will strengthen our overall market position and bring benefit to our customer base. We welcome the Datasys team into the enlarged Tracsis Group and look forward to working with them in the future.”
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