Source - Alliance News

Journeo PLC on Wednesday said it has bought MultiQ Denmark AS for €2.5 million.

Shares in the Leicestershire-based transport system services provider were up 5.4% to 194.00 pence each in London on Wednesday afternoon.

MultiQ is a leading full-service provider of Intelligent Transport Systems with customers in Denmark, Sweden and Iceland. It is based in Aarhus, Denmark.

Jorneo said 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.

Management expects MultiQ’s revenue for 2023 to be approximately €3.3 million, with an operating profit of €260,000.

The €2.5 million payment will be satisfied through the payment of €2.1 million on completion, with two deferred payments of €200,000 at 12 months and 24 months following completion. This, Journeo said, will be funded from existing cash resources.

Chief Executive Russ Singleton 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.’

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Journeo PLC (JNEO)

+2.50p (+0.89%)
delayed 16:55PM