Acquisition of Compass Informatics
Tracsis is pleased to announce that it has acquired the entire issued share capital of Compass Informatics Limited (Ireland) and Compass Informatics UK Limited (collectively "Compass").
Headquartered in Dublin and established in 1997, Compass is a systems development and data analytics company that specialises in combining geographical information systems (GIS), location technologies, data analytics and field computing. The business works across a variety of sectors but derives most of its revenue from transportation, asset management, planning, and environmental customers.
The acquisition of Compass is the first overseas acquisition made by Tracsis and the Directors believe the business is highly complementary to the Traffic & Data Services division whilst also bringing potential benefit and cross-sell potential to Tracsis' existing transport clients.
John McArthur, Chief Executive Officer of Tracsis plc, commented:
"We have known the Compass team for a number of years now and are delighted to have completed this transaction which is a natural fit for our Traffic & Data Services division. Coming together with Compass will strengthen the product and service offerings to our client base in the UK and also benefit those existing clients retained by Compass in Ireland. This is a further significant milestone in our strategy of improving our data service offering. We welcome the whole Compass team to Tracsis, and look forward to future successes together."
Gearóid Ó Riain, Managing Director of Compass, commented:
"We are thrilled to have completed this transaction and to be joining forces with Tracsis. Compass has an established position with our domestic Irish market and our highly respected clients, and has aspirations to further grow our presence in the UK market - which provides a far larger market opportunity. Working as part of the Tracsis Group allows us to make this jump and we look forward to the significant growth opportunities that lie ahead."