Kitchener-Waterloo-based traffic management software startup Miovision has acquired Beaverton, Oregon-based Traffic Technology Services (TTS) for an undisclosed amount.
TTS says its offering assists drivers in identifying optimal speeds to avoid red lights and reduce fuel consumption.
The deal marks Miovision’s second acquisition this year after it acquired one of its customers, traffic data collection company CJ Hensch & Associates, in January. Miovision says it partially financed the acquisition of TTS with debt financing provided by Export Development Canada (EDC).
“TTS adds an exciting new dimension to Miovision’s array of solutions and we look forward to scaling this critical service to all automotive OEM’s and fleet operators across all signalized traffic intersections in Canada, US, Europe, and other places,” Miovision CFO Joe Custer said in a statement.
Miovision said TTS’ executives and team members will become Miovision employees responsible for continuing to support and develop TTS’s “vehicle-to-everything” (V2X) solutions.
V2X refers to the integration of internet-of-things (IoT) devices, such as sensors and cameras, into vehicles, and enabling those devices to communicate with the car’s surroundings, such as traffic lights and other cars, to create safer roads.
RELATED: Miovision acquires one of its customers, traffic data collection firm CJ Hensch
Miovision develops both software and hardware for cities to remotely manage and track their traffic networks. The startup applies computer vision, artificial intelligence, and advanced analytics to help cities reduce traffic congestion and vehicle emissions.
TTS says its offering assists drivers in identifying optimal speeds to avoid red lights and reduce fuel consumption, as well as helping drivers know when a red light will turn green.
Miovision will acquire TTS’s 11 patents, which cover applications relevant to improving transit and emergency vehicle response as well as traffic signal optimization, and TTS’ 80,000 managed intersections, bringing the total number of intersections managed with Miovision to over 170,000.
In April 2023, Miovision acquired Global Traffic Technologies for $107 million USD, coinciding with a $260-million CAD fundraise in April 2023 from Telus Ventures, Maverix Private Equity, and EDC. Miovision went on to close an additional $36-million CAD tranche from the same investors in October 2023, bringing its total funding last year alone close to $300 million CAD.
Feature image courtesy Unsplash. Photo by Denys Nevozhai.