BaltCap portfolio company Ridango acquired a 100% stake in LIT Transit, a Slovenian based firm providing IT solutions for public transportation. The new group now operates in more than 25 countries and makes the service provided by transport agencies and operators simpler and more convenient, with end-users being the ultimate beneficiaries.
Ridango is an Estonian company specializing in the development of systems for public transport ticketing as well as payments and RTPI solutions.
“Our joint ambition is to become one of the leading providers of public transport mobility technology systems globally by 2026. The acquisition of LIT Transit is an important milestone, as they’re leading players in the public transport real-time industry,” commented Erki Lipre, the Chairman of the Management Board of Ridango.
Lipre explains Ridango’s main focus has been account-based ticketing and payments in the Baltic and Nordic markets. “In 2012 we launched the first sizeable account-based ticketing solution in Europe and Ridango was the first to bring contactless bank card payments into public transport in the region. The current transaction will significantly increase our global reach and the number of markets we operate, as well as provide very strong expertise in real-time and ticketing solutions,” Lipre adds.
“I believe Ridango and LIT share a common goal simplifying the complex processes in public transport through technology and we are both committed to enhancing public transportation worldwide,” said Bogdan Pavlič, CEO of LIT Transit. “Our team is very excited about joining Ridango and the ability to bring even more knowledge and resources to all customers.”
Ridango is operating in Estonia, Sweden, Finland, Lithuania, Norway, Ukraine, and Greenland.
Following the acquisition of LIT Transit, the group now offers its ticketing, transit management (AVL/CAD/RTI) and payment solutions in countries and cities like Singapore, Hong Kong, India, Saudi Arabia, Australia, Qatar, New Zealand, Oman, and many more.
“The market is moving fast, and we are well placed to move along with it. A strong team and largescale product development play an important role here, so that every customer’s experience is world-class,” said Lipre. “LIT Transit has a strong team and the product portfolio of the two companies complement each other perfectly. Bogdan Pavlič and Rado Skender, the cofounders of LIT Transit, will join our leadership team at the group level.”
The legal advisors for the transaction were Šelih & Partnerji (Slovenia) and RASK Law Firm (Estonia). Due diligence was performed by PwC. The transaction was financed by SEB Bank.
Ridango is headquartered in Tallinn, Estonia and is an intelligent transportation solutions provider founded in 2009. Being one of the most proven account-based ticketing and contactless bank card acceptance providers for public transport globally, Ridango has successfully executed projects in Nordic countries and the CEE region.
LIT Transit was founded in 2012 in Slovenia and has customers in Hong Kong, Singapore, India, Middle East, Mexico, etc. Among other solutions, LIT has a leading Transit Management System and a world-class ETA prediction engine.