Leeds-based Tracsis is also rebranding the business to ensure that all parts of the group share a consistent brand identity.
Bosses said this will broaden the awareness of the group's breadth of products and services across the transport industries, whilst enhancing collaboration and integration across the business. The new branding will be fully implemented by the summer.
The group is also announcing the creation of a new business unit called Tracsis Transport Consultancy, comprising its existing Rail Consulting and Passenger Analytics businesses and the newly acquired FFC. The consolidated business will deliver an expanded offering to customers across the transport industries and will champion the new Tracsis branding by offering consultancy services that cover all areas of the group.
The new business unit will employ around 35 permanent staff and will be led by Alex Warner (FFC founder and CEO) as Managing Director.
FFC was established in 2012 and is a London-based transport consultancy business that operates predominantly across the rail and bus sectors. It has a well-established senior level network across the transport owning groups, local and central transport governing authorities and Network Rail, and offers a range of strategic and practical technical consultancy services.
In the year ended 31 March 2020, FFC generated revenue of £2.1m, normalised Profit before Tax of £0.4m, and had net assets of £1.1m.
The overall acquisition consideration for FFC is £1.5m plus a further cash payment of circa £1m reflecting the net current asset position of the business.
The cash consideration will be funded out of Tracsis' existing reserves and paid over a three year period.
Chris Barnes, Chief Executive Officer, said: "One of my key objectives since becoming CEO has been to strengthen the Tracsis brand, broadening the transport industries' awareness of our breadth of products and services whilst enhancing collaboration and integration across the Group. Today's announcement is an important milestone on this journey."
Mr Warner said: "I am extremely pleased that Flash Forward has joined the Tracsis Group.
"The two businesses have worked together for a number of years and I'm very excited to be able to utilise the experience and expertise across the Tracsis Group to provide innovative solutions to transport industry clients going forward."