CTM, one of the largest British companies in music festival traffic management, has been acquired by transport software business Tracsis.

CTM, or Cash & Traffic Management Ltd, operate the car parks at many of the UK’s biggest music festivals, including Glastonbury and Reading.

Back in 2015, Tracsis acquired CTM-rival SEP Events, who have operated car parks at Download Festival, Kendal Calling, and Creamfields. SEP continues to operate as a separate brand and business, as will CTM.

Many festival fans will have spent time working for one of the companies as traffic marshalls, who usually get paid hourly for their shifts in addition to free access to the festival.

Insider Media reported that the deal could be worth more than £2.5 million.

CTM brought in £5.5 million of revenue in the 17/18 financial year, and employ 20 permanent staff, all of which will be retained.

Steve Russell-Yarde, managing director of CTM, told press: “I am extremely pleased that CTM has joined the Tracsis Group.

The company is now in a perfect place to build from the current position, develop its service provision, and utilise the wider group experience to provide innovative solutions to clients going forward.”

John McArthur, chief executive of Tracsis, also commented: “We are delighted to come together with CTM which is a well-established business working in a related area to our SEP operation that has been very successful for Tracsis.

CTM has an excellent client list, great customer retention and there are strong synergies with our existing Traffic & Data Services Division.

We welcome the CTM team to the Tracsis Group and look forward to growing the combined business in future.”

Tracsis have been approached for further comment.