Tracsis makes £1m investment in mobile analytics firm

TRANSPORT technology firm Tracsis has acquired a large stake in mobile analytics firm Citi Logik.

Leeds-based Tracsis has bought a 29.4% stake in the firm for £1.0m, and a Tracsis executive will be joining the board of directors.

After an initial £500,000, another £500,000 within the next 12 months will be invested, subject to Citi Logik reaching agreed milestones.

Citi Logik was established in 2011 and develops mobile analytics technology to analyse interactions between customers and transport links.

The firm has a global framework agreement with a major FTSE 100 telecoms firm to source mobile data and works on projects ranging from transport analysis to consumer behaviour and travel patterns.

Last year, Tracsis reported soaring revenues surpassing the £20m mark and in the year to the end of July, its profits before tax also increased 62% to £4.2m from £2.6m in 2013.

John McArthur, chief executive officer of Tracsis plc, said: “We are delighted to have completed this investment into Citi Logik.

“The potential of mobile analytics is significant and not only complements our existing traffic and data services division but creates an entirely new market outside of what can be achieved by discrete survey methods.”

Stephen Leece, managing director of Citi Logik, added: “We are very pleased to join forces with Tracsis having worked with them for some time now as a valued customer.

“The combination of Tracsis’ existing technology and extensive customer list, combined with Citi Logik’s unique mobile analytics offering makes for a great value proposition. With this investment in place we now look forward to accelerating delivery of our business plan.”