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.’
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