LDC-backed Vysionics has acquired Computer Recognition Systems.
LDC-backed Vysionics has acquired the vehicle camera recognition company Computer Recognition Systems (CRS).
Founded in 1981, Berkshire-based CRS employs 20 people. The company provides traffic surveillance systems including automatic number plate recognition software and hardware, which are used by civil and criminal enforcement organisations.
Vysionics was formed by LDC in February 2010 in order to acquire the speed camera business Speed Check Services (SCS).
LDC, the private equity arm of Lloyds Banking Group, provided Vysionics with £9 million in March to expand SCS, and has now injected an additional undisclosed sum to buy CRS.
The deal is a full exit for CRS’ founder Bill Adaway, who will continue to act as a consultant.
Ian Podmore, investment director at LDC, comments: ‘This deal brings many strategic and operational benefits and is a significant step in the strategy to build a broader group with an enhanced technology and service offering.’
Paul Davey, chief executive of Vysionics, says: ‘Since LDC’s investment, we’ve successfully increased the pace of organic growth and will now begin to maximise the value of this acquisition and drive value from the enlarged group. LDC’s backing has given us the strategic input, operational know-how and financial means needed to achieve our ambitious growth plans.’
