Corporate activity dominated the tech tape, with two portfolio reshuffles headlining the session. Tracsis confirmed trading in line with expectations and pushed through its Mistral Data acquisition, while BATM Advanced Communications agreed the disposal of three non-core businesses as part of a broader strategic overhaul. Elsewhere, contract wins gave Innovative Eyewear, Synectics and Acuity RM something to shout about.
Tracsis confirms in line performance and completes Mistral Data buy
Tracsis (AIM:TRCS), the transport technology provider, expects revenue of about £85.5m for the year ended 31 July, up from £81.9m in 2025, with adjusted EBITDA of around £13.5m comfortably ahead of the prior year's £12.6m and within the analyst consensus range. Both figures still include a full-year contribution from the Events business, which Tracsis sold on 31 July with proceeds landing on 3 August, keeping them out of year-end cash of £19.4m, down from £23.4m a year earlier. Shares in Tracsis rose 4.688% to 335.0p as the market digested the update.
The bigger news was confirmation that Tracsis has completed its previously announced acquisition of Mistral Data after clearing UK Competition and Markets Authority scrutiny and other customary conditions. The £48m consideration was funded from existing cash and £38.7m drawn against the Group's £40m revolving credit facility, leaving pro forma net debt to EBITDA at around 1.5x on completion. An investor presentation on Mistral Data is scheduled for 16 September, ahead of full-year results on 19 November.
"The acquisition of Mistral Data represents an important milestone in this journey, it brings complementary product capabilities, modern cloud-native technology and increased recurring revenues," said David Frost, Chief Executive.
Panmure Liberum's Andrew Ripper repeated his Buy rating and 560p target, arguing that getting Mistral right could trigger a meaningful re-rating for the shares. He models the business contributing around £10m/£14m of revenue and £3m/£4m of EBITDA in FY27E/FY28E, noting the deal completed earlier than expected, which lifts his FY27 estimates. With Frost also citing the Vesputi acquisition, the Events disposal and the newly completed "One Tracsis" operating model as evidence of a decisive pivot toward software and data, the acquisition looks less like a bolt-on and more like confirmation that Tracsis has finished reshaping itself around recurring, higher-margin rail software revenue, a case Ripper believes the market has yet to fully price in, given the stock's discount on EV/EBIT versus peers.
BATM agrees non-core disposal, Networks revenue jumps
BATM Advanced Communications (LSE:BVC), the network infrastructure and cybersecurity technology group, agreed to sell three of its four remaining non-core activities for $13.3m in cash, the centrepiece of interim results for the six months to 30 June. The disposal, subject to shareholder approval at a general meeting on 24 September, values the businesses at 33 times their 2025 adjusted net profit, and together with the already-completed $1m sale of Laborator A.M.S 2000 SRL, brings total consideration from the two inter-conditional deals with the same buyer to around $36.6m. Shares nudged up 0.44% to 11.9025p.
Group revenue fell to $41.7m from $60.4m a year earlier, purely reflecting businesses divested during 2025; stripped of those disposals, adjusted revenue actually rose from $39.7m to $41.7m. The standout performer was BATM Networks, where revenue grew 20% to $8m, accelerating from 10% growth in the prior first half on strong uptake of its new Carrier Ethernet product range and an initial $500,000 order underpinning the division's momentum.
"We expect to exit 2026 as a substantially transformed business, with greater capacity to invest in growth and to create value for shareholders," Moti Nagar, Chief Executive, who, added that the group remains on track to deliver full-year underlying revenue growth in line with expectations, supported by its pipeline and orderbook. The disposal effectively completes BATM's multi-year simplification, stripping out low-growth legacy operations and sharpening the balance sheet ahead of a pivot toward higher-margin networking and cybersecurity, a shift that should make the group's underlying growth trajectory far easier for the market to read.
Tekcapital's Innovative Eyewear partners with HTC on smart glasses
Tekcapital (LSE:TEK), the UK intellectual property investment group, saw portfolio company Innovative Eyewear strike a strategic alliance with Taiwanese electronics manufacturer HTC Corporation. Innovative Eyewear, listed on Nasdaq as LUCY and LUCYW, will handle US commercialisation of HTC's VIVE Eagle smart eyewear line, selling the product through its Lucyd.co web store from September complete with US-based prescription lens fulfilment and a free basic prescription upgrade at launch.
VIVE Eagle brings AI conversation recording and translation via HTC's VIVE Connect app, camera management, hands-free voice activation and privacy safeguards that block recording when the glasses are not worn. Notably, it is the first product on Lucyd.co developed by an external partner rather than Innovative Eyewear's own team. "I truly feel this smartglass is superior to other camera glass options available today, and we can't wait to hear what the thousands of smartglass enthusiasts in our community think of the product," said Harrison Gross, Chief Executive of Innovative Eyewear, while Charles Huang of HTC Corporation added that "Innovative Eyewear has consistently proven themselves in the smart eyewear space, bringing great designs, functionality, and customer experience to users over the years."
Tekcapital shares slipped 4.167% to 3.45p despite the tie-up, but the deal marks a meaningful validation for Innovative Eyewear's distribution model, the company is no longer solely reliant on its own product pipeline to drive Lucyd.co sales, opening a template for further third-party partnerships that could diversify revenue beyond its house brands.
Synectics wins £1.4m Eni FPSO contract in Southeast Asia
Synectics (LSE:SNX) has secured a £1.4m contract to supply Eni with an integrated security and surveillance solution for its Kutei Floating Production, Storage and Offloading project in Southeast Asia, with delivery expected in the first quarter of 2027. Shares in the AIM-listed surveillance specialist rose 4.054% to 192.5p on the news.
The solution pairs Synectics' Synergy platform with its latest 4K explosion-proof COEX cameras, which include integrated infrared illumination for low- and no-light conditions, alongside integration of third-party systems into a single operational environment. The company said the built-in infrared capability removes the need for additional equipment, cutting cost and maintenance overheads while giving operators faster, better-informed responses to security and safety events.
"Eni's existing experience of our technology is a strong endorsement of the performance and reliability of our solutions in some of the most demanding environments," said Amanda Larnder, Chief Executive Officer, adding that the contract "demonstrates the strength of combining end-user relationships with trusted local partners to extend our reach and create further opportunities for growth." The win extends an existing relationship with Eni rather than opening a new account, reinforcing Synectics' strategy of deepening ties with established energy clients in high-value, technically demanding offshore environments.
Acuity RM wins three-year UK public sector contract
Acuity Rm Group (ACRM) has signed a £159,300, three-year contract with a UK public sector body for its STREAM risk management platform. Shares rose 4.0% to 0.65p on the announcement.
The deal carries scope to expand across the wider organisation, giving the small-cap risk software specialist a potential foothold to grow the contract's value well beyond its initial terms over the three-year period.
