Trafficmaster Plc, a supplier of intelligent driving services, has agreed to buy TRI-MEX Group Ltd, a stolen vehicle and cargo tracking service operator, for a maximum of £4.75 million.

The consideration is set to be paid in cash over three years commencing April 2009 and will be dependent on performance.

TRI-MEX provides a tracking service across 38 countries and has clients on its books, such as Aston Martin, Jaguar and Land Rover. Trafficmaster expects the acquisition to be self-funding, earnings neutral in 2008 and earnings enhancing in 2009.

The deal gives Trafficmaster a European footprint for vehicle tracking services through a network of national service providers, which will be extended later this year to North America through Teletrac, Trafficmaster’s US subsidiary.

Tony Eales, Trafficmaster CEO, said: “We believe that vehicle operators and manufacturers will increasingly look for service on a global basis. The combined group now offers unrivalled coverage for vehicle services across the US and Europe, and supports and impressive range of partners including the majority of leading European prestige car manufacturers.”

To March this year, TRI-MEX turned over £1.1 million, up 82 per cent on the previous year, and made a pre-tax loss of £886,000.