MISTRAL DATA acquired by TRACSIS

Tracsis agreed to acquire Mistral Data, the UK rail software provider, from FirstGroup, buying the entire issued share capital at an enterprise value of £48M on a cash-free, debt-free basis, payable in cash on completion. Mistral Data generated revenue of £13M and an EBITDA of , an EBITDA margin of . At the time of the deal, Mistral Data supplied seven UK train operating companies, two of which were not yet customers of Tracsis, and the combined group would serve most of the country’s train operators. The purchase extended Tracsis’ range into passenger communications, revenue management, rolling stock analytics and data platforms, areas that sat alongside its existing operational, planning and safety software rather than overlapping with it, and raised the share of recurring revenue in the group. Tracsis funded the purchase from its existing cash and drawings under its revolving credit facility, which was extended by a year and increased, including an accordion option. Its net debt to adjusted EBITDA ratio was expected to stand at about 2.0x on completion and to fall to around 1.0x by the end of December 2027 through cash generation. Completion was subject to clearance by the UK Competition and Markets Authority and expected by 31 October 2026 at the latest. Berenberg acted as financial adviser to Tracsis.