Lo-Q, a virtual queuing systems provider for theme parks, water parks and attractions, has acquired accesso LLC, an American ticketing and e-Commerce company to extend its reach in the US.
The £13.7m purchase is expected to expected to be immediately earnings accretive.
accesso is the leading provider of ticketing solutions for theme parks, water parks, zoos and cultural attractions in North America.
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Lo-Q believes the acquisition will deepen its customer relationships, enhance its ability to develop new products and value-added services for customers, particularly in mobile, by combining both companies' strong IP and product development skills, and strengthen its management team.
Accesso's current Chief Executive Officer, Steven Brown, will join the Lo-Q board with immediate effect and becoming Chief Operating Officer of the merged North American business.
Furthermore, Lo-Q plans to cross-sell accesso's solutions to customers and prospects in Europe and Asia and accelerate its own existing growth strategy by opening up new complementary verticals. The move is also expected to help to reduce the seasonality currently inherent in Lo-Q's business.
Tom Burnet, Chief Executive of Lo-Q said: "I am delighted to announce the news today of our acquisition of accesso. Both parties believe that this combination presents an excellent opportunity to build a trusted, proven and energetic supplier of scale across multiple Leisure markets.
"accesso's customer base complements our own and our products and technologies will be hugely synergistic. Bringing these two businesses together will expand the opportunity for both of us globally and we firmly believe that the deal is an excellent use of Lo-Q's cash, as we seek to grow the size, scope and potential of our firm. This is a very exciting day for the entire Lo-Q team."
The share price rose 3.32% to 342p by 10:45.
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