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Ticketing and queue management specialist accesso (LON:ACSO) has swooped for ski and snow sports peer Siriusware in a significant boost to its US presence.
Accesso, formerly known as Lo-Q, said the £8mln cash and shares deal immediately gives it a new sector for its ticketing services while adding more amusement and water parks to its customer base.
Tom Burnet, accesso chief executive, expressed delight with the deal, which is also immediately earnings accretive and strengthens its technology platform, he said.
“This acquisition aligns two like-minded teams and two highly complementary product offerings that, together, can unlock greater value in traditional markets and in new ones.”
Siriusware sells integrated point of sale software. Historically it focused on ski and snow sports but now supplies over 250 venues including theme parks, museums and aquariums.
Winter spots accounted for over half of 2012 turnover of £4.9mln. Revenues are running 25% higher in 2013. There was a loss of £260,000 in 2012.
Accesso added there is minimal overlap between the two companies' customer bases, adding this presents a significant opportunity to cross-sell between the two.
Mark Danemann, Siriusware's president and chief executive, will remain as president of the company while other key staff are also staying on.
Some £4.8mln of the consideration is payable in cash with the remainder in accesso shares, with most of these subject to a 24 month lock-in.
Siriusware, which comes with £0.7mln cash of its own, has relatively high recurring revenues, said broker Canaccord and has accumulated a large maintenance base built over 24 years with low customer churn.
“Siriusware allows accesso to offer an end to end, multi-channel guest experience solution,” said the broker.
There is also an opportunity to cross-sell accesso’s ticketing products into Siriusware’s larger customers, especially the higher end mobile variations and to extend the US company’s reach into Europe.
Canaccord said the consideration of 1.2 times sales excluding net cash is attractive, with the acquisition expected to be 6% earnings enhancing in 2014. It has a target price of 770p.