accesso Technology has acquired VGS, a ticketing and visitor management platform and one of its main rivals in the theme park and attraction software business.
VGS serves over 100 visitor venues including what is described in the statement as the world's most popular theme park destination.
Currently, that is either Disney’s Magic Kingdom in Florida or Disneyland in California, depending on the source.
Total consideration is US$52.6mln with a net purchase price of US$38.5mln including US $14.1mln of VGS' existing cash reserves.
Completion is expected shortly with the VGS platform to be rebranded as accesso Horizon.
Steve Brown, accesso's CEO, said: "I am beyond excited to announce the transformative acquisition of VGS, a business I have long admired and respected."
accesso added the acquisition will substantially broaden its international reach, opening up new market opportunities.
Approximately 75% of VGS' revenue came from markets outside the US in its last financial year, with a significant presence in Japan, Singapore, China, Dubai and Egypt.
VGS’ skillset also includes comprehensive language capabilities, accesso said, including Arabic, Chinese, and Japanese, while the deal will also mean scale-up and cost-cutting benefits.
Accesso noted that VGS has been consistently profitable with proforma profits of approximately US$4mln in 2022 and would make an immediate contribution to earnings.
Brown said: “The VGS solution fits squarely into our product roadmap and its top-tier customer base speaks volumes for the quality, scalability and functionality of the technology.
“Strategically, this addition of VGS immediately advances our business. It further elevates our brand, expands our product proposition, significantly increases our international presence, enhances our revenue diversity and presents extensive new opportunities for global growth.
It also provides a fundamental building block for our mid to long-term product roadmap.
Paolo Moro, VGS' CEO, said: "I'm delighted for VGS to join forces with Accesso. Our technology is complementary with Accesso's offering. We share the same absolute commitment to providing the best possible unified solutions."