TIDMJNEO
RNS Number : 9872M
Journeo PLC
20 September 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK version of the EU Market Abuse Regulation (2014/596) which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended and supplemented from time to time.
20 September 2023
Journeo plc
("Journeo, the "Company" or the "Group")
Acquisition - Investment in geographic expansion and SaaS
Journeo plc (AIM: JNEO), a leading provider of information
systems and technical services to transport operators and local
authorities, is pleased to announce completion of the acquisition
of the entire issued share capital of MultiQ Denmark A/S ("MultiQ")
for a total consideration of EUR2.5m on a debt free cash free basis
(the "Acquisition").
MultiQ is a leading full-service provider of Intelligent
Transport Systems ("ITS") with customers in Denmark, Sweden and
Iceland. 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.
Based in Aarhus, Denmark, MultiQ is one of the market leaders in
developing and supplying public information systems for bus travel,
such as fleet management software and on-board passenger
infotainment, indoor and outdoor real-time display systems. Founded
over 15 years ago, MultiQ has a reputation for high quality design
and installation of travel information display systems. Its
customers include Passenger Transport Authorities ("PTAs") and
local authorities Passenger Transport Operators ("PTOs").
MultiQ was part of a larger group which was acquired by
Vertiseit, a Swedish based retail technology company specialising
in digital in-store media in May 2022. In January 2023 the retail
digital media assets and a number of employees of MultiQ were
transferred out to Dise, a Vertiseit subsidiary, leaving MultiQ as
a purely ITS focussed business.
The cash consideration of EUR2.5m is being satisfied through the
payment of EUR2.1m on completion of the Acquisition, with two
deferred payments of EUR0.2m at 12 months and 24 months following
completion, all funded from the Company's existing cash
resources.
The consideration for the shares is EUR1.7m after the repayment
of an intercompany balance of EUR0.8m. The acquired net assets are
EUR1.1m, with goodwill expected to be EUR0.6m. Management expects
MultiQ's revenue for the current year to 31 December 2023 will be
approximately EUR3.3m, with an operating profit of EUR260k,
representing an acquisition multiple of 2.3x.
Russ Singleton, Chief Executive of Journeo plc, commented:
"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".
A digital copy of this announcement will be available on the
Group's website: www.journeo.com .
For further information, please contact:
Journeo plc
Russ Singleton/ Nick Lowe +44 (0) 203 651 9166
Cavendish Securities plc - Nominated Adviser and Broker
K aty Birkin/ Callum Davidson +44 (0) 207 220 0500
Notes to editors:
Journeo plc is a leading Intelligent Transport Systems provider,
delivering solutions in towns, cities, airports, and the public
transport networks that connect them. The Company works extensively
with local and combined authorities, Network Rail and many of the
largest multinational transport operators, supporting them as
systems converge towards a more efficient and sustainable
future.
Prior to the acquisition, the business had three operating
companies:
-- Journeo Fleet Systems Ltd: CCTV video surveillance to improve
passenger & driver safety, telematics for vehicle and driver
performance monitoring, real-time communications for remote
condition monitoring and automatic passenger counting.
-- Journeo Passenger Systems Ltd: design, manufacture,
installation, and management of hardware and software for
electronic public transport information systems, in and around
towns, cities, ferry terminals and airports which includes
smart-ticketing and wayfinding.
-- Infotec Ltd: design, advanced manufacture, installation and
software management of information displays hardware for rail
applications in stations, on-platform and on-vehicle.
In the last 4 years, the Company has invested over GBP5 million
in research and development, enabling it to design and supply
powerful innovative solutions for customers' complex requirements
and the demands of modern public transport. With an Internet of
Things ("IoT") approach and open standards, together with
field-proven and reliable engineering, Journeo is able to offer
flexible, scalable products and services that can integrate with
existing technology while preparing for future advancements.
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END
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September 20, 2023 02:00 ET (06:00 GMT)
Journeo (LSE:JNEO)
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Journeo (LSE:JNEO)
過去 株価チャート
から 12 2023 まで 12 2024
