Listed transport software company Tracsis has announced the acquisition of a Hertfordshire-based rival.

Tracsis will acquired the entire issued share capital of Bellvedi, a software company operating within the rail industry and specialising in timetabling optimisation software.

Bellvedi employs eleven permanent staff, all of whom will remain with the business post transaction.

Leeds-based Tracsis works extensively with the likes of Network Rail, the Department of Transport, TfL, multiple local authorities, major outdoor music and sporting events. This latest acquisition marks its thirteenth since 2008.

The deal with Bellvedi comprises an initial cash payment of £3.7m, with an additional £0.9m to be made to reflect the current asset position of the business at completion and £7.9m available subject to Bellvedi achieving certain financial targets in the following four years.

The two companies have partnered on several significant software projects, and the firm considers Bellvedi “strategically important and highly complementary” to the Tracsis software offering and future product roadmap.

"Bellvedi has a great product and complimentary customer base and their expertise in timetable planning and optimisation is second to none,” said John McArthur, Chief Executive Officer of Tracsis.

“We welcome the Bellvedi team to Tracsis, and look forward to continued successes in the future."

John Bell, Managing Director of Bellvedi, added: "This transaction marks the start of an exciting new chapter in the life of Bellvedi and our products.

“Over the past few years, Bellvedi has established a reputation as a provider of first class software products to our customers, empowering the rail industry to push boundaries and innovate beyond the established norms.

“Being part of a larger Group will enable us to unlock opportunities that will benefit the UK rail industry and beyond."

In January the firm made its first overseas acquisition in data analytics company Compass, and CEO McArthur annouced his plans to stand down from the role.