Post by
junglejames on Apr 18, 2023 9:27am
developments with another Canadian player in ITS market...
The Globe and Mail reports in its Tuesday edition that Miovision Technologies has made a pivotal acquisition financed by three large Canadian technology investors, establishing the Kitchener, Ont., company as one of North America's leading smart-city equipment vendors. The Globe's Sean Silcoff and Josh O'Kane write that the traffic-management technology maker is buying Global Traffic Technologies LLC (GTT) from Vontier Corp. of Raleigh, N.C., for $107-million (all figures U.S.). GTT is a dominant player in its niche-selling technology that enables emergency vehicles to trigger signal changes as they approach intersections, giving them priority to get to their destinations faster. GTT is slow growing but profitable, generating $40-million in revenue and $11-million in operating profit last year. It will give Miovision an expanded market for selling its wares, used by governments to monitor and study traffic flows for planning purposes and detect real-time traffic patterns to adjust and optimize signalling. To finance the deal, Miovision has raised $150-million from Maverix Private Equity, Telus's venture capital unit, and Export Development Canada. Telus led a $120-million financing of Miovision in 2020.