Transport technology provider Tracsis has agreed to acquire Mistral Data, a wholly owned subsidiary of FirstGroup plc, for an enterprise value of £48 million.
Mistral Data is a UK rail software provider with a diversified portfolio of business-critical cloud-native software and data solutions that help Train Operating Companies communicate with passengers, manage demand and revenue, run day-to-day operations, monitor rolling stock, and turn operational data into insight.
Headquartered in London, it provides a portfolio of products spanning four areas: customer and revenue solutions; rail operations and staff communications; asset management and data platforms; and business intelligence and cloud security.
Tracsis said it operates an efficient delivery model supported by established offshore development partners.
Completion is subject to receipt of clearance from the UK Competition and Markets Authority and certain other customary conditions.
The consideration will be payable in cash on completion and is expected to complete by no later than 31st October 2026. It will be funded from existing cash resources and debt facilities.
For the 12 months ended 31st March 2026, Mistral Data generated revenue of £13m and adjusted EBITDA of £4m, representing an adjusted EBITDA margin of 30%. Net assets at that date were £3.7m.
“The proposed acquisition of Mistral Data is a highly strategic moment for Tracsis,” said David Frost, CEO of Tracsis.
“Mistral Data is a high-quality business in the market we know best, with products that complement rather than compete with our own. Its products are built on a modern, cloud-native platform that delivers strong recurring revenues and high margins.
“Together, these attributes accelerate our transition to a scalable software product business.
“It comes at a time of structural change across the UK rail industry. As the transition to Great British Railways gathers pace, alongside cost pressure and rising passenger expectations, operators need smarter, more integrated tools to support safer operations, improve punctuality, protect revenue, keep fleets running and enhance the passenger experience – with less reliance on fragmented legacy in-house systems.
“We believe the combined group will be well placed to meet this demand, bringing together complementary capabilities across planning, operations, passenger experience and data, to create a broader and more relevant proposition for UK rail customers.
“We look forward to welcoming the Mistral Data team to the Group and to driving significant long-term value for our shareholders.”