Reading's accesso Technology Group plc acquires VGS in $52.6m deal
Technology solutions provider accesso Technology Group plc, based in Reading, has announced its acquisition of ticketing and visitor management platform VGS.
The acquisition, which is valued at £52.6 million, is part of accesso's international expansion. The net purchase price was $38.5 million with the agreement including $14.1m of VGS' existing cash reserves.
Purchasing VGS means that accesso now has access to a company that serves over 100 visitor venues, including Six Flags, Cedar Fair, and Walibi.
VGS CEO Paolo Moro 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 to optimise our customers' operations and enhance their guests' experience before, during and after their visit. We look forward to working together with as we move ahead to this exciting next chapter".
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accesso has made clear their intentions with this acquisition, believing it will broaden the company's international reach, strengthen its blue chip customer base, enable further revenue growth, and deliver immediate earnings accretion.
CEO of accesso Steve Brown said: "I am beyond excited to announce the transformative acquisition of VGS, a business I have long admired and respected. 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.
I would like to welcome Paolo Moro and his team to Accesso. With offices in Milan, Dubai, Singapore and Orlando, their talented global employee base of 33 brings a long track record of outstanding product innovation and quality service to its customers. We are pleased they are joining the Accesso family".
