RE:Purchases of ETC and TransCore This is what I've said in the past, getting to $100M EBITDA in ITS is the big prize
As I've previously said, you can get half way there if ETC wins its historical rate of its current pipeline and IRD grows at market rate.
Another 2 platform acquisitions like ETC gets you the rest of the way there.
Thst gets you to - $15 stock price (at 15X). Or a takeout price of $20 (at 20X) if ST Engineering wants to consolidate the ITS market further.
WiLan is only worth $2.00 / share under both scenarios.