Business
Completion of Acquisition
Completion of Acquisition.
About this update from Tracsis Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1846R\n Tracsis PLC\n 03 November 2021\n \n \n \n \n 03 November 2021 \n \n \n \n \n \n Tracsis plc\n \n \n (\"Tracsis\" or \"the Group\")\n \n \n \n \n \n Completion of Acquisition \n \n \n \n \n \n Tracsis, a leading provider of software, hardware, data analytics/GIS and services for the rail, traffic data and wider transport industries, is pleased to announce that it has acquired the entire issued share capital of Icon Group Limited (\"Icon Group\").\n \n \n Headquartered in Dublin and established in 1994, Icon Group is an interdisciplinary geoscience company specialising in Earth Observation (EO)1, Geographical Information System (GIS) and spatial data analytics. Icon Group has several long-term repeat contracts and employs around 60 full-time staff, all of whom will remain with the business post transaction. \n \n \n Icon Group will be integrated with Tracsis' existing Data Analytics/GIS solutions provider Compass Informatics to create an Irish-based Data Analytics centre of excellence specialising in providing location-related technologies and analytics solutions and services to government and commercial organisations. The acquisition of Icon Group adds EO capabilities that enhance the Group's offering in this growing market, and has a customer base that is complementary to Tracsis'. The combined Irish business will have c.130 staff and will work across a variety of sectors deriving most of its revenue from regulated industries including transportation, asset management, environmental and utilities.\n \n \n For the year ended 31 December 2020, Icon Group generated revenue of £2.8m, Profit before Tax of £0.8m, and had net assets of £2.9m. The business is debt free and has a history of stable organic growth. \n \n \n The acquisition consideration comprises an initial cash payment of £1.9m which will be funded out of Tracsis cash reserves and the issue of 68,762 new ordinary shares in Tracsis plc to a value of £0.6m. An additional payment of approximately £1.7m will be made on a euro for euro basis to reflect the net current asset position of the business (above a working capital hurdle) at completion and will be finalised in due course.\n \n \n Additional contingent consideration of up to £1.5m is payable subject to Icon Group achieving certain stretched financial target...