Traffic firm ITIS sold for £37m
US traffic information company INRIX is buying Altrincham-based firm ITIS for £37m.
ITIS, which de-listed from AIM in January 2009, made profits of £1.8m on sales of £16.56m in the year to March.
INRIX said the deal would give it access to eight new markets including Australia, Brazil, South Africa, Singapore and Russia and better coverage in the UK and Germany.
Bryan Mistele, president and chief executive of INRIX, which is headquartered in Kirkland Washington, said: “Automakers, mobile companies and other customers are increasingly demanding global traffic and connected driving solutions.
“ITIS is a strategic investment that expands our geographic reach, technical expertise and suite of market leading technologies to offer customers the best traffic information, more cost-effectively and in more markets.”
ITIS led by Stuart Marks, was founded in 1997 and floated in 2000 with a market value of £186m. The firm, based in offices in the old Altrincham police station, supplies traffic and travel information.
It has developed TrafficScience, a software platform, which delivers valuable traffic information to a wide variety of business, government and private users.
Corporate partner Charles Glaskie, tax partner Fiona Sutherland and solicitor Jemma Bolton led a team law firm Gateley, which acted on behalf of ITIS. Manchester-based Zeus Capital advised INRIX on the bid.
