- Traffic Technologies (TTI) has entered into an agreement to acquire the intelligent transport systems (ITS) business from Artcraft
- Based in Brisbane, the newly acquired venture designs, manufactures and supplies electronic road signage and software systems for customers throughout Australia
- Under the deal, Traffic Technologies is set to acquire the ITS business and its assets for $750,000 cash consideration
- Managing Director Con Liosatos says the deal will enable TTI to expand its Queensland operations
- Traffic Technologies shares have spiked 6 per cent to trade at 5.3 cents
Traffic Technologies (TTI) has entered into an agreement to acquire the intelligent transport systems (ITS) business from Artcraft.
Based in Brisbane, the newly acquired venture designs, manufactures and supplies electronic road signage and software systems for customers throughout Australia.
In this way, TTI says the business monitors traffic and displays important information to motorists, enabling safer and smoother traffic flows.
Under the deal, Traffic Technologies is set to acquire the ITS business and its assets, including customer contracts, staff, equipment and a finance lease liability, for a cash consideration of $750,000.
Notably, TTI says the latest acquisition under its wing raked in roughly $4.9 million in revenue over the past three years.
Traffic Technologies Managing Director Con Liosatos said the deal will significantly enhance the company’s position in the ITS sector.
“Electronic information displays represent a value proposition for state road authorities and local councils and are being increasingly used for traffic management on congested roads,” Con said.
“The acquisition will also enable the company to expand its operations in Queensland along with increasing our Smart City footprint through the company’s proprietary software TST.”
Following the announcement, Traffic Technologies shares are 6 per cent higher, trading at 5.3 cents at 3:52 pm AEST.