iCOMS to be integrated into Quarterhill
subsidiary, International Road Dynamics
OTTAWA, July 18, 2017 /PRNewswire/ - Quarterhill
Inc. ("Quarterhill") (TSX: QTRH; NASD:QTRH), announced today
that it has completed the acquisition of all the issued and
outstanding shares of iCOMS Detections S.A. ("iCOMS") for cash of
€1.0 million (USD $1.1 million).
iCOMS is an Intelligent Transportation Systems company located in
Brussels, Belgium and will be
integrated into Quarterhill's wholly-owned subsidiary,
International Road Dynamics Inc. ("IRD").
Founded in 1993, iCOMS specializes in the design and manufacture
of radar microwave detectors and equipment. The company's products
and services are used to detect and count vehicles, bicycles and
pedestrians in urban intersections, as speed measurement and
warning systems, as traffic counting and data collection systems,
and for intelligent lighting. An innovative new radar product,
"I-COUNT", has recently been developed to collect speed, size and
distance data for multilane applications. iCOMS's customers are
located throughout Europe and the
United Kingdom. For the year ended
December 31, 2016, the company
generated sales of approximately €1.6 million (USD $1.8 million).
"The iCOMS management team has a reputation for innovation and
longstanding customer relationships and we are pleased to have them
join IRD as part of this transaction," said Terry Bergan, President and CEO of IRD. "iCOMS
provides IRD with an expanded and important presence in the rapidly
growing European ITS market, and adds new and innovative radar
products and services that we can now offer to our North American
and other global customers."
"This tuck-in acquisition will enable IRD to expand their
geographic footprint and create new revenue opportunities," said
Shaun McEwan, Interim CEO of
Quarterhill. "IRD's strategic plan calls for organic and
acquisitive growth and ultimately, broader expansion into the
Industrial Internet of Things market. This transaction is a
milestone on their path to achieve that growth potential."
About IRD
IRD is a highway traffic management technology company specializing
in supplying products and systems to the global Intelligent
Transportation Systems industry. IRD is a North American
company based in Saskatoon, Saskatchewan,
Canada with sales and service offices throughout
the United States and
overseas. Private corporations, transportation agencies and
highway authorities around the world use IRD's products and
advanced systems to manage and protect their highway
infrastructures.
About Quarterhill
Quarterhill is a diversified investment holding company focused
on growing its business by acquiring technology companies in the
Industrial Internet of Things ("IIoT") segment across multiple
verticals. Quarterhill targets companies with a broad range of
products and services that capture, analyze and interpret data, and
that have strong financial performance, excellent management teams,
strong intellectual property underpinnings and significant
opportunities to develop long-term recurring and growing revenue
streams. Quarterhill is listed on the TSX and NASDAQ under the
symbol QTRH. For more information: www.quarterhill.com.
Forward-looking Information
This news release contains
forward-looking statements and forward-looking information within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and other United States and
Canadian securities laws. Forward-looking statements and
forward-looking information are based on estimates and assumptions
made by Quarterhill in light of its experience and its perception
of historical trends, current conditions, expected future
developments and the expected effects of new business strategies,
as well as other factors that Quarterhill believes are appropriate
in the circumstances. Many factors could cause Quarterhill's actual
performance or achievements to differ materially from those
expressed or implied by the forward-looking statements or
forward-looking information. Such factors include, without
limitation, the risks described in its February 10, 2017 annual information form for the
year ended December 31, 2016 (the
"AIF"). Copies of the AIF may be obtained at www.sedar.com or
www.sec.gov. Quarterhill recommends that readers review and
consider all of these risk factors and notes that readers should
not place undue reliance on any of Quarterhill's forward-looking
statements. Quarterhill has no intention, and undertakes no
obligation, to update or revise any forward-looking statements or
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
All trademarks and brands mentioned in this release are the
property of their respective owners.
SOURCE Quarterhill Inc.