Miovision has made its fourth - and largest - acquisition: Global Traffic Technologies (GTT), which produces the Opticom emergency pre-emption and traffic signal priority solution.
Vontier Corporation sold GTT for $107m, a deal which follows Miovision's acquisitions of Traffop, Rapid Flow and MicroTraffic over the last 18 months.
“By providing green light priority, Opticom can reduce emergency response times by up to 25% and emergency vehicle crashes at the intersection by up to 70% while improving the on-time efficiency of public transit," explains Miovision CEO Kurtis McBride.
"This acquisition builds on our existing product partnership with GTT and allows us to fully integrate GTT’s solution onto the Miovision platform.”
GTT staff will become Miovision employees, and GTT president Terry Griffith said the move would give customers "access to an expanded suite of solutions for improving safety and optimising urban transportation".
Meanwhile, Miovision has raised $260m in growth funding in a round co-led by Telus Ventures, Maverix Private Equity and Export Development Canada.
“This investment will enable Miovision to continue to develop our platform and quickly integrate new acquisitions," says McBride.
“These acquisitions are helping Miovision rapidly add new applications that we can deliver via our network of devices at the roadside and intersection, reducing the upfront cost of deploying data-driven solutions that can help cities make their transportation networks safer and cleaner while supporting broader urban planning objectives.”
