Cubic Transportation Systems is paying £87 million (£69 million) to buy GRIDSMART Technologies, which specialises in video detection at intersections utilising advanced image processing, computer vision modelling and machine learning.
Cubic says it bought the company because it is “a market-leading business in the Intelligent Transportation Systems market, delivering a single camera sensor for intersection actuation and performance management with horizon-to-horizon view, including the centre of the intersection, with its fisheye lens”.
It adds that its Bell Camera (pictured) is the world’s first single-camera solution for intersection actuation, data collection and situational awareness. which can track vehicle trajectory from approach through the centre of the intersection to exit.
“GRIDSMART’s industry-leading video tracking solution at the intersection is a key addition to our growing Intelligent Traffic Management portfolio to reduce congestion,” said Bradley H Feldmann, chairman, president and chief executive officer of Cubic Corporation. “It is complementary to our recent acquisition of Trafficware, both of which are cash EPS accretive in first full year of operations. We welcome GRIDSMART to the Cubic family and look forward to their contribution in executing our company’s strategy and purpose to make a positive difference in people’s lives.”
“Detection is the largest and fastest growing segment within the intelligent traffic management market and is critical to enabling smart intersections that can optimise the flow of people and goods through cities, which is core to the Operations and Analytics pillar of the NextCity strategy,” added Matt Cole, president of Cubic Transportation Systems.. “This strategic investment in GRIDSMART will not only enhance our growth profile through synergies with Trafficware but also strengthen Cubic’s Surface Transport Management solution offering”
“Advanced traffic management build on Smart Sensors is a key to efficient and responsible city management. As this need continues to grow not only in cities across the U.S. but also throughout the world, we look forward to seeing the synergies and growth opportunities of our solutions utilising Cubic’s market leadership and international presence,” said Bill Malkes, chief executive officer of GRIDSMART. “We are pleased to become a member of the Cubic family where GRIDSMART’s vision to improve one billion lives with intelligence will continue in alignment with Cubic’s overall purpose.”