StockMarketWire.com - Transport industry software provider Tracsis said it had acquired rail software specialist Bellvedi for up to £12.5m.

The deal involved an initial cash payment of £3.7m, funded out of Tracsis cash reserves and the issue of 45,525 new Tracis shares.

An additional payment of around £0.9m would be made on a pound-for-pound basis to reflect the net current asset position of the business.

Additional contingent consideration of up to £7.9m was payable subject to Bellvedi achieving certain financial targets in the four years post acquisition.

'Tracsis has known the Bellvedi team for a number of years and has worked with them closely on a number of key projects,' chief executive John McArthur said.

'Bellvedi has a great product and complimentary customer base and their expertise in timetable planning and optimisation is second to none.'

'The ATTUne software fulfils a critical element of our TRACS Enterprise suite and coming together with Bellvedi allows us to create a more seamless product whilst also accelerating our industry roll out.'

'We welcome the Bellvedi team to Tracsis, and look forward to continued successes in the future.'




Story provided by StockMarketWire.com