Transport technology provider Tracsis has completed its £48 million acquisition of Mistral Data, a wholly owned subsidiary of FirstGroup plc.
Mistral Data is a UK rail software and data provider helping train companies to communicate with passengers, manage demand and revenue, run day-to-day operations and monitor rolling stock.
Listed Leeds company Tracsis said the deal completed yesterday following clearance from the Competition and Markets Authority, with the £48m consideration satisfied from the group’s existing cash resources and drawings of £38.7m from its £40m revolving credit facility.
Days after the deal was initially announced last month, Tracsis sold its events transport planning and management business to Connection Capital for £7.25m cash.
This morning Tracsis also reported that group revenue for its latest financial year is expected to be £85.5m (2025: £81.9m), with adjusted EBITDA of £13.5m (2025: £12.6m).
In both cases, the figures include the full-year contribution from the events business it sold.
Year-end cash stood at £19.4m (2025: £23.4m). This excludes the cash proceeds from the sale of the events business, which were received on 3rd August 2026.
“The group has delivered full-year performance in line with market expectations and ahead of FY25,” said CEO David Frost.
“I would like to thank the whole Tracsis team for their hard work in achieving this. I am pleased with how we have continued to successfully balance disciplined near-term delivery with progress against our strategy to deliver long-term, higher-margin growth.
“The acquisition of Mistral Data represents an important milestone in this journey. It brings complementary product capabilities, modern cloud-native technology and increased recurring revenues, while further strengthening our leadership position in the UK rail software market.
“Alongside this, the acquisition of Vesputi, the disposal of our events business and the completion of the ‘One Tracsis’ groupwide operating model transition have further accelerated our evolution into a more focused software and data technology business.
“Looking ahead, Tracsis is better positioned than ever, with a portfolio aligned to attractive long-term growth markets, a higher proportion of recurring revenue and an increasing emphasis on scalable software products.
“With a simplified operating model, enhanced capabilities and a clear strategic focus, we are well placed to benefit from sustained investment in rail technology driven by the industry’s need for greater efficiency, productivity, safety and customer experience. Our priority is now to integrate Mistral Data successfully and capitalise on the significant opportunities ahead.”