Quarterhill acquires Sensor Line GmbH
Acquisition cost CAD$6.0 million and will be integrated into International Road Dynamics.
TORONTO — Quarterhill Inc., announces that it has completed the acquisition of all the issued and outstanding shares of Sensor Line GmbH, a German-based Intelligent Transportation Systems provider of highly regarded fiber optic traffic sensors for road and rail markets, for cash consideration of €3.8 million (approximately $6.0 million). Sensor Line will be integrated into Quarterhill’s wholly-owned subsidiary, International Road Dynamics. All dollar amounts are in Canadian dollars unless otherwise stated.
Sensor Line’s products generate traffic monitoring data used to enhance safety, improve mobility, enable enforcement and reduce the environmental impact within transportation networks.
“This acquisition broadens our product suite and expands our geographic footprint further into the European market,” said Rish Malhotra, CEO of IRD. “Sensor Line’s in-road sensors will further strengthen our enforcement and tolling solutions and IRD’s distribution capabilities will open-up new opportunities to grow the Sensor Line business while serving its long-standing loyal customer base. We are very pleased to welcome the Sensor Line team to IRD and will maintain manufacturing operations at their facility near Munich.”
“This transaction represents the first step by our new management team in the execution of our ITS M&A growth strategy,” said Paul Hill, CEO of Quarterhill. “This acquisition fits well within our financial M&A evaluation criteria. For 2021, Sensor Line is expected to contribute $4.0 – $5.0 million in revenue and $700,000 – $800,000 in Adjusted EBITDA to IRD.”