Contractor buys 165-strong technology firm SSL
Costain has acquired a technology firm, SSL, that specialises in hi-tech products for smart highways.
SSL provides integrated hardware and software products used for traffic monitoring and management, to clients including Highways England, Transport for London and the Scottish and Welsh governements.
It was established in 1979 and has 165 staff. In the year to March 2015, the firm posted revenue of £15.1m and underlying profit of £2m. SSL’s senior management team, including managing director Louis Thompson, will stay on with the business.
Costain said SSL’s technology could have wider application across the group beyond highways.
Andrew Wyllie, chief executive of Costain, said: “We are delighted to announce the acquisition of SSL which is in-line with our stated objective of accelerating the growth of business through a combination of organic and acquisitive growth.
“This transaction will further broaden our ability to deliver innovative technology-based solutions to meet the increasingly complex requirements of our major blue chip customers in energy, water and transportation.”