Tracsis acquires Mistral Data

● STRATEGIC | SUPPLY CHAIN/LOGISTICS · Rail & Transit

AUGUST 24, 2026

Tracsis acquires Mistral Data Limited (FirstGroup)

TARGET

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

Deal value	£48M enterprise value
Revenue	~£13m (FY ended 31 March 2026)
EBITDA	~£4m (FY ended 31 March 2026)
Ownership	Subsidiary · FirstGroup plc (prior owner); FirstGroup plc (wholly owned subsidiary)
Headcount	11-50 FTEs
Headquarters	London, United Kingdom
Sell-side advisor	Panmure Liberum
Advisor team	Izzy Trow, Investment Banking (Panmure Liberum (sole financial adviser to FirstGroup plc / seller)) Euan Brown, M&A (Panmure Liberum (sole financial adviser to FirstGroup plc / seller)) Matthew Fourie, M&A (Panmure Liberum (sole financial adviser to FirstGroup plc / seller)) Connie Owens, Investor Relations (Panmure Liberum (sole financial adviser to FirstGroup plc / seller)) Izzy Trow, Investment Banking (Panmure Liberum) Euan Brown, M&A (Panmure Liberum) Matthew Fourie, M&A (Panmure Liberum) Connie Owens, Investor Relations (Panmure Liberum)

ACQUIRER

Tracsis

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

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  (2026-09-18)
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 - Sell-side: Panmure Liberum
Source: Thematic - https://thematichq.com/software/d/tracsis-mistral-data-limited.html

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