Yesterday we completed the acquisition of Cardinal Grid Ltd, a 71-person rail corridor analytics company in Bristol, for £9.4M. It is the second acquisition in Terravek's history and by some distance the largest.
What we bought is expertise we could not have built quickly. Cardinal Grid have spent nine years doing one thing — understanding what infrastructure managers actually need from a rail corridor survey and how to assure it — and that knowledge does not transfer from a job advertisement.
What we are not going to do: we are not rebranding the Bristol office out of existence, we are not moving the team, and we are not merging the rail product into GRIDSCAN by fiat and hoping the differences were unimportant. When we acquired Photonwerk in 2016 we kept the building name, and five years on that still reads to me as the single best decision of that integration.
Owen Radcliffe, Cardinal Grid's general counsel, joins as Terravek's General Counsel. Gerald Pemberton joins our Supervisory Board.
To Cardinal Grid customers: nothing changes about your contract, your contacts or your delivery. To Cardinal Grid staff: welcome, and please tell us when we get it wrong.