Virtual Queuing Pioneer Lo-Q Acquires accesso, Florida-based Theme Park Ticketing and e-Commerce Leader Acquisition Creates Premier Technology Solutions Provider in the Attractions and Leisure Industry
LONDON and ORLANDO, Fla., Dec. 5, 2012 /PRNewswire/ -- Lo-Q plc (AIM: LOQ), the AIM-listed provider of virtual queuing systems for theme parks and major attractions, today announced that it has acquired privately-held accesso, a recognized leader in ticketing technology, e-commerce, mobile apps and payment processing. The transaction creates the premier technology solutions provider in the attractions and leisure industry.
Together, Lo-Q and accesso will harness the industry's growing demand for enhanced guest convenience and optimized revenue drivers by leveraging the companies' shared focus on award-winning technology, customer service and brand awareness.
"Pairing accesso's award-winning ticketing and e-commerce portfolio with our virtual queuing systems is a real game-changer and vaults us into position as the worldwide leader in revenue-driving solutions for the global attractions industry," said Tom Burnet, Lo-Q CEO. "accesso's technologies were a major draw for us, but the biggest factor in our decision was the company's outstanding leadership and team of innovative employees dedicated to delivering world-class customer service and outstanding results for their clients."
Reaction to the acquisition is just as enthusiastic at accesso.
"We're thrilled to be joining the Lo-Q portfolio and look forward to offering our combined set of revenue-driving resources to attractions around the globe," said Steve Brown, accesso CEO. "Blending our unique and highly successful companies will allow us to jointly leverage the talent of both teams and our combined technological, mobile and operations expertise to develop next generation solutions to meet the rapidly changing needs of the attractions marketplace."
Under terms of the deal, accesso will retain its Central Florida office and Brown, who also remains in Florida, will join Lo-Q as President and Chief Operating Officer of the companies' combined North America business and will serve as a member of the Lo-Q plc board of directors.
The acquisition takes place in the midst of a significant growth period for accesso as the company signed a number of large portfolio clients in the past 12 months and now serves more than 100 venues across North America. The company's annual revenue has increased more than 130 percent over the past three years. accesso employs 44 full time staff and will process nearly $1 billion in transactions in 2012, including more than 14 million print at home tickets, and has delivered more than 1 million downloads of its native mobile content application for its clients.
The acquisition is Lo-Q's second major deal in the past few months. In September, the company signed a partnership agreement with The Sanderson Group, an Australian multi-national business, to help spearhead Lo-Q's expansion into the fast growing Asian market place.
Lo-Q is the creator of a virtual queuing system for theme parks, water parks and other leisure attractions that allows users to queue without waiting in line. Lo-Q users reserve their place in a queue electronically and are notified when their turn is up, spending less time queuing and more time enjoying their day out.
Lo-Q's system has been adopted by leading theme park and attraction operators globally, with customers including Parques Reunidos, Six Flags Entertainment Co, Herschend Group, Merlin Entertainments and Compagnies Des Alpes. These operators benefit not only from happier customers but also from additional revenue streams as time previously spent queuing is instead transformed in to higher spending in park restaurants, gift shops and other retail facilities. By the end of 2011, more than eight million individuals had used a Lo-Q product and that number is growing.
The Company's technology is protected by extensive patents or patents pending in Europe, USA, Hong Kong and Japan. The target market for this technology is large and growing, with Lo-Q currently exploring opportunities for expansion into new theme parks and new geographies as well as opportunities to develop new products for other complementary adjacent markets.
Lo-Q is listed on the Alternative Investment Market ("AIM") under the ticker "LOQ". For more information visit www.lo-q.com.
Based in Central Florida, accesso is recognized as the attractions industry's leading provider of ticketing solutions offering a range of proprietary, fully-hosted ticketing, ecommerce, mobile and payment processing solutions to more than 100 leading venues across North America including Six Flags Entertainment, Cedar Fair Entertainment, Herschend Family Entertainment, and Palace Entertainment. accesso products and services support top attractions across North America from theme parks and water parks to concerts, live events and sporting events.
accesso's proprietary solutions are noted for a streamlined, easy-to-use design with seamlessly integrated revenue driving features. All accesso solutions are fully supported 24/7 to ensure continual focus on client service levels and sales results.
For more information visit www.accesso.com.
Contact: Vicki Johnson