Tracsis in Data Analytics Drive via Icon Group Acquisition

Leeds-based tech company Tracsis has life on track as it has acquired interdisciplinary geoscience outfit Icon Group for roughly £5.7 million.

Tracsis is a provider of software, hardware, data analytics / geographical information system (GIS) and services for the rail, traffic data and wider transport industries.

Headquartered in Dublin and established in 1994, Icon Group specialises in earth observation, 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.

The acquisition comprises an initial cash payment of £1.9 million, the issue of new ordinary shares to a value of £600,000. An additional payment of approximately £1.7 million will be made on a euro for euro basis to reflect the net current asset position of the business at completion and will be finalised in due course. Tracsis explains that an extra £1.5 million is payable subject to Icon Group achieving certain stretched financial targets in the three years post acquisition.

Chris Barnes, CEO of Tracsis, says the deal “strengthens our ability to deliver leading edge projects to clients in Ireland, the UK and across the European Union”.

Icon Group will be integrated with Tracsis’ existing data analytics / GIS solutions provider Compass Informatics to create an Irish-based centre specialising in providing location-related technologies and analytics solutions and services to government and commercial organisations.

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.

For the year ended 31 December 2020, Icon Group generated revenue of £2.8 million, profit before tax of £800,000, and had net assets of £2.9 million. The business is debt free.

On the Icon Group website, it lists a variety of services – such as remote sensing, agricultural monitoring, environmental monitoring, machine learning, tree mapping and systems development.

According to Tracsis’ site, since its IPO in 2007 it has made 15 acquisitions. The company has a market capitalisation of £271.2 million and group revenue of £48 million.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
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