Brisk Synergies, an urban mobility startup headquartered in Waterloo, has been acquired by Transoft Solutions.
Transoft is based in Richmond, British Columbia and specializes in software for aviation, civil infrastructure, and transportation industries. Little detail was provided about the terms of the acquisition, but Transoft noted that Brisk’s employees would be staying on as part of Transoft and, moving forward, the two companies would work as a combined organization.
“Brisk will strengthen its product line and deliver higher-value innovative road safety solutions.”
Brisk, founded in 2013, touts itself as a “boutique software firm specializing in traffic analytic solutions.” Brisk has developed software that uses artificial intelligence and machine learning to understand the behaviour of road users.
The startup states on its website that its technology can “detect near-misses to help transportation authorities predict, diagnose, and address road safety challenges, before the next collision happens.”
According to Brisk, its software platforms, BriskVANTAGE and BriskLUMINA, are currently being used in a number of cities around the world, including Atlanta, Toronto, Montreal, Denver, Bogota, Zurich, Nantes, and Mumbai, among others.
“We are impressed with the advanced technologies Brisk has developed and its highly skilled team of researchers and developers,” said Milton Carrasco, Transoft president and CEO. “Through our continuous investments in talent, and technology and innovation, we can help engineers, city planners, and transportation departments design and plan safer cities driven by machine learning and video analytics.”
Charles Chung, CEO and founder of Brisk, will be joining Transoft as its vice president of transportation safety. “By teaming with the highly seasoned team at Transoft, I strongly believe Brisk will strengthen its product line and deliver higher-value innovative road safety solutions to our existing and new clients,” Chung stated.
With its headquarters in British Columbia, Transoft also has 10 offices globally, spanning Sweden, the United Kingdom, the Netherlands, Australia, Germany, India, Belgium, and China. The acquisition is meant to help Transoft “accelerate” its strategy to be the “preeminent specialized software provider” for the transportation sector.