Accesso Technology Group PLC's (LSE:ACSO, OTC:LOQPF, FRA:LQG) acquisition of Dexibit marks a deliberate shift in the ticketing software company's strategic ambition, using artificial intelligence to move beyond the transactional volatility, analysts said.
The $7.1 million deal, struck at five times annual recurring revenue, gives Accesso an embedded analytics capability that Shore Capital, the company's house broker, believes could generate higher-margin recurring revenues and strengthen its sales pitch by bundling more products together.
That bundling opportunity matters because Accesso's existing business remains heavily dependent on footfall at theme parks, ski resorts and visitor attractions, a revenue profile that left the company exposed when virtual queuing volumes fell and peak-season trading disappointed in 2025.
Full-year revenues grew just 1.8% to $155.1 million, or 3.8% in underlying terms, a modest recovery from the stagnation of recent years but still some distance from the growth rates that would justify a higher valuation.
The results did contain genuine encouragement: ticketing and distribution grew 4.2%, professional services advanced 15.4%, and trading recovered strongly into December, beating management's own expectations.
Gross margins also improved 40 basis points to 78.5%, suggesting that the shift in revenue mix toward higher-value software is beginning to show in the numbers.
Deutsche Bank analyst Tintin Stormont noted that the deployment of AI tools across sales, marketing and product teams had contributed to measurable productivity gains, with headcount falling to 657 from 689 over the year and a further 45 roles cut in January 2026.
The logic of Dexibit is that it accelerates this AI-driven efficiency push by layering decision intelligence on top of Accesso's existing operator relationships, potentially reducing dependence on transaction-linked revenues that fluctuate with visitor numbers.
Shore's forecasts imply revenue dipping to $146.5 million in 2026 before recovering to $150.5 million in 2027, reflecting acquisition integration costs and uncertainty around $2.5 million of Middle East milestone payments that have yet to materialise.
The Middle East, where Accesso generated $5.9 million in 2025, represents a modest but meaningful risk given the ongoing conflict in the region, and management acknowledged it remains a situation to monitor.
The leadership transition, with chief operating officer Lee Cowie replacing Steve Brown as chief executive on 1 May, adds a further variable as the company attempts to execute on its most significant strategic pivot in years.
Deutsche holds a 'buy' rating and 575p target price, implying more than 120% upside from Monday's closing price of 252p, while Shore Capital carries a fair value of more than 500p.