Ljubljana - LIT Transit, a Slovenia-based company providing IT solutions for public transportation, has been acquired by Estonian tech company Ridango to form a group that provides its services to transport agencies and operators in more than 25 countries. The value of the deal has not been disclosed.

Ridango, which specializes in development of systems for public transport ticketing as well as payment solutions, sees the acquisition as a major milestone.

In a press release Erki Lipre, Ridango chairman, was quoted as saying "the transaction will significantly increase our global reach and the number of markets we operate, as well as provide very strong expertise in real-time and ticketing solutions".

"I believe Ridango and LIT share a common goal simplifying the complex processes in public transport through technology and we are both committed to enhancing public transportation worldwide," said Bogdan Pavlič, CEO of LIT Transit.

"We're looking forward to generating substantial value added through integration of joint solutions for our customers, who will benefit particularly from the broad range of solutions in credit-card supported ticketing," added Pavlič.

Founded in 2009, Ridango launched the first sizeable account-based ticketing solution in Europe in 2012 and was the first to bring contactless bank card payments into public transport in the Nordic and Baltic regions. It has so far been active in Estonia, Sweden, Finland, Lithuania, Norway, Ukraine and Greenland.

After the takeover, LIT Transit employs more than 170 people and provides ticketing, passenger notification and payment solutions in countries including Hong Kong, Singapore, India, Saudi Arabia, Qatar, Australia and New Zealand.

Founded in Slovenia in 2012, LIT Transit provides smart mobility solutions to more than 110 agencies and operators. Its solutions include a transit management system and a globally deployed advanced arrivals prediction engine that facilitates five billion passenger journeys a year.