Acquisition of iBlocks Limited
11 March 20
Tracsis is pleased to announce that it has acquired the entire issued share capital of iBlocks Limited (‘iBlocks’).
Established in 2000, iBlocks is a UK based software company that specialises in the provision of smart ticketing solutions, automated delay repay and the development of mission critical back office systems that are used by the Rail Delivery Group, the wider community of train operating companies (TOCs) and the rail supply chain. This acquisition strategically aligns with our objective of strengthening our rail product portfolio in areas where we can offer a unique market proposition, gain access to strategically important partnerships and leverage the cross-selling opportunities that exist across our Rail Technology division.
The Directors believe that smart/account based ticketing and automated delay repay is a significant and natural growth area for the rail industry and that iBlocks are uniquely placed to help facilitate the move towards a paperless ticketing environment. The acquisition will enhance Tracsis Group’s overall technology and software offering and should be significantly earnings enhancing.
Chris Barnes, Chief Executive Officer of Tracsis plc, commented:
"We are delighted to have come together with iBlocks, a business we have known for a number of years now. We believe the unique technology offering that iBlocks has developed along with long established client relationships will open up an exciting new area of opportunity for Tracsis. The smart/account based ticketing market in particular is an area of the rail industry that will see significant future industry change and growth. We welcome the iBlocks management team and all staff to the Tracsis Group, and look forward to helping them achieve their growth aspirations as part of a larger organisation.”
Tim Brewer, Director of iBlocks, commented:
“This transaction marks the start of an exciting new chapter for the iBlocks business and our team. Over the past fifteen years, iBlocks has established a reputation in the rail industry as a provider of high-quality software products, which deliver unique, innovative and robust solutions for our customers especially within the smart ticketing and delay repay sectors of the industry. Being part of a larger Group will enable us to unlock opportunities that will benefit the UK rail industry and accelerate our growth.”