Business
Acquisition of MultiQ
Acquisition of MultiQ.
About this update from Journeo Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.\n20 September 2023\nJourneo plc\n(\"Journeo, the \"Company\" or the \"Group\")\nAcquisition - Investment in geographic expansion and SaaS\nJourneo plc (AIM: JNEO), a leading provider of information systems and technical services to transport operators and local authorities, is pleased to announce completion of the acquisition of the entire issued share capital of MultiQ Denmark A/S (\"MultiQ\") for a total consideration of €2.5m on a debt free cash free basis (the \"Acquisition\").\nMultiQ is a leading full-service provider of Intelligent Transport Systems (\"ITS\") with customers in Denmark, Sweden and Iceland. The Acquisition will provide opportunities for cross-selling of products, technologies and software and strengthens Journeo's presence in the Nordic market, where it already operates in Stockholm.\nBased in Aarhus, Denmark, MultiQ is one of the market leaders in developing and supplying public information systems for bus travel, such as fleet management software and on-board passenger infotainment, indoor and outdoor real-time display systems. Founded over 15 years ago, MultiQ has a reputation for high quality design and installation of travel information display systems. Its customers include Passenger Transport Authorities (\"PTAs\") and local authorities Passenger Transport Operators (\"PTOs\").\nMultiQ was part of a larger group which was acquired by Vertiseit, a Swedish based retail technology company specialising in digital in-store media in May 2022. In January 2023 the retail digital media assets and a number of employees of MultiQ were transferred out to Dise, a Vertiseit subsidiary, leaving MultiQ as a purely ITS focussed business.\nThe cash consideration of €2.5m is being satisfied through the payment of €2.1m on completion of the Acquisition, with two deferred payments of €0.2m at 12 months and 24 months following completion, all funded from the Company's existing cash resources.\nThe consideration for the shares is €1.7m after the repayment of an intercompany balance of €0.8m. The acquired...