Datasys sold in £4.5m deal
A MANCHESTER firm that specialises in software for the transport industry has been acquired by listed Leeds group Tracsis in a £4.5m cash and shares deal.
Datasys, which employs 17 staff, provides rail management software systems to large operators such as First Group, Virgin and Arriva.
The business has been sold by Ian and Margaret Bithell and Andrew and Morag Ashworth who are not staying on.
In the year to May 2013 the company made a pre-tax profit of £298,000 on revenues of £2.27m. Its earnings before interest, tax, depreciation and amortisation (EBITDA) were £554,000. The business is debt free with cash balances of £1.3m.
Tracsis, which also specialises in management software for the transport industry, has agreed to pay £4.15m in cash and a further £400,000 in shares.
Manchester accountancy firm CLB Coopers and law firm Weightmans advised on the vendors on the sale of the company.
Dave Travis at CLB Coopers said: “Having worked with the shareholders for several years positioning the business, this is an excellent juncture for the Company to become part of Tracsis PLC to capitalise further on market opportunities.”
