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Quarterhill Announces Agreement to Acquire ETC
Quarterhill Announces Agreement to Acquire ETC Canada NewsWire Tran...
About this update from Quarterhill Inc
[{"type":"text","content":"\n \n \n \n Quarterhill Announces Agreement to Acquire ETC\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Transforms Quarterhill into a key player in the ITS industry\n \n \n \n \n Delivers scale in the ITS Tolling vertical, which has strong macro tailwinds\n \n \n \n \n Provides compelling revenue synergy opportunities between ETC and IRD\n \n \n \n \n \n TORONTO\n \n ,\n \n Aug. 16, 2021\n \n /CNW/ - Quarterhill Inc. (\"Quarterhill\") (TSX: QTRH) (OTCQX: QTRHF), announces that it has entered into a definitive agreement (the \"Agreement\") to acquire 100% of the outstanding equity of\n \n Richardson, Texas\n \n -based Electronic Transaction Consultants, LLC (\"ETC\") from Align Capital Partners for total cash consideration of\n \n $150.0 million\n \n plus transaction related expenses, to be funded by a combination of cash-on-hand and debt financing. Completion of the acquisition is subject to certain closing conditions. All amounts are in Canadian dollars unless otherwise stated.\n \n \n ETC has been a leading provider of tolling and mobility systems for more than 20 years to some of the largest tolling authorities in the U.S., including in\n \n Texas\n \n ,\n \n California\n \n and\n \n Illinois\n \n . ETC's flexible riteSuite™ software platform enables authorities to customize operations to their specific needs, with features that include All Electronic Tolling, dynamic pricing, agency interoperability, hosted mobility solutions and machine learning. The company's platform processes more than two billion transactions annually representing more than\n \n US$3.0 billion\n \n in toll billings across more than 1,500 toll lanes in the U.S.\n \n \n ETC's strength in tolling and mobility systems is complementary to Quarterhill's International Road Dynamics (\"IRD\") business, which is a leader in Commercial Vehicle Operations and Enforcement technologies. This combination will give Quarterhill two Intelligent Transportation Systems (\"ITS\") platforms at scale in two important ITS verticals that will enable new revenue ...