Tracsis acquires Mistral Data

AUGUST 24, 2026

Tracsis acquires Mistral Data Limited

TARGET

Cloud-native rail software for UK Train Operating Companies covering passenger communications, revenue management, operations scheduling, rolling stock monitoring, and data analytics.

Revenue	~£13m (FY ended 31 March 2026)
EBITDA	~£4m (FY ended 31 March 2026)
Ownership	Subsidiary
Prior owner	FirstGroup plc
Headcount	11-50 FTEs
Headquarters	London, United Kingdom
Sell-side advisor	—

ACQUIRER

Tracsis

LSE-listed UK transport technology provider supplying software and data analytics to rail operators and infrastructure providers

Deal value	£48M enterprise value
Ownership	Publicly traded (LSE: TRCS)
Headcount	1,039 FTEs
Headquarters	Leeds, United Kingdom
Leadership	David Frost, Chief Executive Officer
Buy-side advisor	—

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Tracsis -> Mistral Data Limited  (2026-08-28)
strategic_acquisition | Supply Chain/Logistics | £48 million enterprise value | closed
Target: Cloud-native rail software for UK Train Operating Companies covering passenger communications, revenue management, operations scheduling, rolling stock monitoring, and data analytics.
Website: mistral-data.com | Buyer site: tracsis.com
HQ: London, United Kingdom | Ownership: subsidiary | Seller: FirstGroup plc | Buyer ownership: public (LSE: TRCS)
Advisors - not yet credited
Source: Thematic - https://thematichq.com/software/d/tracsis-mistral-data-limited.html

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