Rekor systems is to acquire Waycare Technologies, a company focused on optimising traffic management systems using predictive analytics, as part of a $61 million deal.
Rekor CEO Robert A. Berman says: “With the Waycare acquisition, we are significantly strengthening our footprint and meaningfully enhancing our service offering. This acquisition accelerates access to new markets and provides us with new vendor relationships to access unique data sources.”
“Waycare is a rare asset as it already has an established and growing customer base, favourable relationships with third-party data providers that would take years to replicate and a highly talented management team,” Berman continues.
“Waycare’s existing team will be joining the Rekor family and Waycare will be fully integrated into Rekor.”
Waycare co-founder Noam Maital says: “By joining Rekor, we now have access to real-time roadway optical sensors, innovative software and enhanced data.”
Rekor says Waycare's artificial intelligence (AI) platform can be integrated into Rekor One, broadening its suite of solutions for safety and incident management.
The Waycare solution uses AI to aggregate and process data from various sources to help government agencies with crash prediction, congestion detection, as well as incident management and identification.
Waycare collates data from transportation agencies' existing infrastructure, which is then synthesised with additional data from mobile apps, connected vehicles, weather analysis and event management systems. AI algorithms ingest and process this information to produce actionable insights and predictions.
Rekor One provides advanced roadway intelligence through a centralised system that utilises existing cameras and current technology investments.
The deal is expected to close during the third quarter of 2021.
