Journeo signals £2.2m Danish swoop
Journeo, the Ashby-based provider of information system to transport operators and local authorities, has bought MultiQ Denmark in a £2.2m deal.
MultiQ is a 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.
MultiQ 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.
Russ Singleton, chief executive of Journeo, said: “The acquisition of MultiQ provides Journeo with an established, full-service provider of Intelligent Transport Systems in Denmark and further strengthens our expansion into the Nordic markets. MultiQ has a leading position and strong SaaS based sales approach with approximately 40% recurring revenue that will complement our existing offering and bring further scale to our cloud-based applications.”