Citysync Ltd is a leading company in LPR technology and it has been in the business since 1997. The company, located in North London, has a turnover of around 40 MSEK and has around 30 employees, with half of them working in product development. The products are sold primarily in England, the Middle East, Western Europe and in the USA. Citysync are known for having one of the most effective (fastest and most accurate) algorithms for reading number plates, and their products are used within traffic, toll roads, parking and for security solutions.

Tagmaster has already communicated its intention to, as part of its strategy, increase the product offering through selective acquisitions in adjacent technology areas like sensors, detectors and camera technology (LPR/ANPR) to be able to offer the type of information required to build what today we call Smart Cities.

”We are now taking our first step to realise the acquisition part of our strategy with an ambition to increase our turnover and our profit at a faster pace. We are looking forward to being able to offer our customers broader solutions through integration of our different technologies (RFID and ALPR) to make a more attractive offering. Tagmaster and Citysync are very complimentary and they share the common basic values required to build a solid growth within Traffic Solutions. We expect synergies among others in sales where our combined sales force will be able to get better market coverage with a bigger portfolio of products and which will also in the future offer more solutions. We are pleased to be able to create the future innovations within Traffic Solutions together with our new colleagues at Citysync” says Jonas Svensson, Tagmaster’s CEO.

The Citysync business was to be transferred by July 10 and it is expected to contribute with around one half yearly turnover (which means around 20 MSEK or around £1.5M) to the total turnover of Tagmaster for 2015 while some structural changes may influence the total result negatively.