LONDON: Tracsis (LSE: TRCS), a leading transport technology provider, has acquired Vesputi GmbH (“Vesputi”), a German digital ticketing technology provider (the “Acquisition”).
Vesputi and the Mobilitybox platform
Vesputi provides a digital ticketing platform, Mobilitybox, launched in 2022, which connects public transport operators with consumers via third-party apps and websites. Vesputi generates revenue primarily through transaction revenues linked to the volume of tickets processed. The business employs six full-time staff, all of whom will remain with Vesputi following completion of the Acquisition.
Acquisition rationale
Tracsis has established digital ticketing capabilities in the UK rail market. Mobilitybox is strategically adjacent to this activity, providing a proven, scalable platform and domain expertise to support the further deployment of digital ticketing across Germany. Vesputi will be integrated within the Rail Technology & Services Division alongside the Group’s existing digital ticketing capabilities, under existing divisional leadership and operating structures.
Consideration
Gross initial consideration of €5.8m (c.£5.1m) includes net cash of €0.8m (c.£0.7m), funded from Tracsis’ existing cash resources.
Additional contingent consideration of up to €2.4m (c.£2.1m) is payable subject to certain performance criteria for the period to 31 December 2027. A maximum of €0.5m (c.£0.4m) of this additional consideration will be settled in newly issued Tracsis shares (“Share Consideration”), with the balance payable in cash. Any Share Consideration will be issued at a price of 307p per share being the 30-day volume weighted average share price for the period to 30 March 2026.
The consideration structure, including a meaningful performance-linked element, reflects the Board’s disciplined approach to capital allocation and ensures that investment remains aligned with delivery over the medium term.
David Frost, CEO of Tracsis, commented:
“This is a quality bolt-on acquisition in a core strategic focus area for Tracsis. Ticketing is being digitised to enable simpler, more flexible journeys, and the value is increasingly created in the software that makes distribution easy for operators and effortless for passengers. Mobilitybox sits right in that flow and Vesputi has built a platform with real momentum in the German market, with a model where adoption and usage translate directly into long-term value.
For Tracsis, this is a measured step into a large European market through a commercial model we understand well from our UK experience. We like the combination of a scalable product, a lean high-quality team and a clear path to further growth.”
Linus Frank, Managing Director of Vesputi, said:
“The Vesputi team is excited about joining Tracsis. It was clear from our first meetings that both businesses share an ambition to play a leading role in powering the increased adoption of digital ticketing in public transportation, and we believe the combination of Vesputi’s platform and domain knowledge with Tracsis’ brand and scale can help us to achieve this ambition.”