Inrix Buying Traffic Information Provider ITIS Holdings
July 28, 2011 at 8:21 AM (PT)
U.S. firm INRIX has tendered an offer to buy international traffic news firm ITIS HOLDINGS PLC for about $60 million. The purchase includes ITIS' TRAFFICLINK subsidiary in the U.K., which serves the BBC's local stations, many commercial radio stations, ITV, and SKY NEWS. Other markets in which ITIS operates include GERMANY, AUSTRALIA, BRAZIL, COSTA RICA, SOUTH AFRICA, SINGAPORE and RUSSIA. The ITIS operations bring in about $27 million in annual revenue.
"Automakers, mobile companies and other customers are increasingly demanding global traffic and connected driving solutions," said BRYAN MISTELE, Pres./CEO of INRIX. "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."