Miovision, a leader in intelligent transportation solutions, announced today its acquisition of Traffic Technology Services (TTS), a pioneer in connected vehicle technology. This strategic move strengthens Miovision's position in the V2X (Vehicle-to-Everything) market, aiming to improve traffic flow, safety, and efficiency.
TTS's technology provides real-time traffic signal data directly to vehicles, enabling innovative features like Audi Traffic Light Information. This system helps drivers adjust their speed to avoid red lights, reducing fuel consumption and improving overall driving experience.
"TTS's expertise and established partnerships with traffic agencies and control companies make them a perfect fit for Miovision," said Joe Custer, CFO of Miovision. "Their patented technology offers a unique driver experience and valuable traffic network insights."
The acquisition expands Miovision's reach to over 170,000 intersections, encompassing the 80,000 intersections currently managed by TTS. Miovision plans to leverage this wider network to offer its intelligent traffic management solutions to automotive manufacturers, fleet operators, and municipalities globally.
"Joining Miovision allows us to significantly expand the reach and impact of our services," stated Thomas Bauer, CEO of TTS. "Their established relationships with transportation and emergency service agencies open doors to exciting new connected vehicle applications."
Miovision remains committed to supporting existing in-car applications like Audi Traffic Light Information while exploring possibilities for richer data sets to support further innovation. This acquisition was partially financed by debt financing provided by Export Development Canada (EDC).
"TTS's V2X technology is crucial for the future of intelligent traffic management," said Rami Gabriel from EDC. "This acquisition strengthens Miovision's market leadership and competitiveness, ultimately contributing to safer and greener roadways."