Austrian traffic technology company Swarco has completed the acquisition of UK-based APT Group, creating a major traffic and parking management systems company in Europe.

As per the terms of the acquisition, Swarco bought 100% of the shares of APT Group, which includes APT Security Systems, APT Skidata Ltd, APT Street Services, APT Technologies, SignPost Solutions and ParkingPal. The acquisition will also significantly upgrade Swarco’s position in the UK Traffic Management market.

The financial terms of the deal have not been disclosed.

"The two companies will be able to share product development, service, sales and marketing resources."

Commenting on the deal, Swarco CEO Cees de Wijs said: "We have complementary rather than competing products, solutions and strong synergies in terms of business ethics, culture and corporate dynamics."

APT Group chief executive Dermot Murphy said that customers will benefit from having an even broader range of products and services.

"The combined resources of both businesses can be focused on researching and developing new products, and bringing those products to market in a more timely fashion in line with customer demands," Murphy said.

"The two companies will be able to share product development, service, sales and marketing resources. There will be a significantly increased number of field-based resources on hand to support the two companies’ customers nationwide."

Previously, Swarco and APT have worked together on several projects and have proven the concept and the advantages of a combined service to the market.