Journeo plc, an Ashby-de-la-Zouch-headquartered provider of information systems and technical services to transport operators and local authorities, has acquired MultiQ Denmark A/S (MultiQ) for a total consideration of €2.5m on a debt free cash free basis.
MultiQ is a 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’s 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.
Management expects MultiQ’s revenue for the current year to 31 December 2023 will be approximately €3.3m, with an operating profit of €260k.
Russ Singleton, Chief Executive of Journeo plc, 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.”
