Strategic investment in leading provider of mobile phone ticketing in North America
Ad hoc announcement acc. to Article 17 MAR
Karlsruhe/New York, 23 August 2016.
INIT Innovations in Transportation Inc., which is based in Chesapeake, Virginia, and is a wholly owned subsidiary of init AG (ISIN DE 0005759807), invests in the leading provider of mobile phone ticketing solutions for public transportation companies in North America. INIT Innovations in Transportation Inc. acquires a 27.5 per cent stake in Bytemark Inc., located in New York, USA with additional offices in the UK, India and Australia. The two companies have already worked together on a wide range of major projects involving transport companies in North America and now want to continue their collaboration on a global basis.
Bytemark has doubled revenues for each of the past three years. It anticipates sustained strong growth due to the increase in use of apps in ticketing among transport companies and in the event and entertainment segments. In this field, Bytemark possesses a proprietary, patent-protected technology base and has filed 11 more patent applications at present. In addition to this, Bytemark is currently participating in a wide range of tenders for major projects in Europe, North America and the Middle East.
Based on the strategic investment in Bytemark, the Managing Board of init innovation in traffic systems AG envisions good opportunities for its ticketing solutions to achieve faster market penetration among transport companies and in other sectors in North America. It also anticipates that the investment will bring about additional competitive advantages in international tenders.
The investment in Bytemark Inc. is being consolidated at equity on the init Group’s balance sheet and should already be making a positive contribution to the overall result by 2017.