Bridgepoint and Porsche SE, the owners of German smart traffic management company PTV, have announced that they are to acquire a majority share in US-based ITS provider Econolite.
The new holding will be a platform for active innovation in the smart mobility market and aims to capture the large growth potential of the sector. The two brands will continue to provide hardware and software separately for smart cities, with services including planning, simulation, operation, optimization, and maintenance of smart mobility systems.
The partners have agreed not to disclose financial details of the transaction. The transaction is subject to regulatory approvals.
Econolite is a US-based provider ITS with over 85 years of experience. More than 400 agencies across North America use Econolite’s traffic control software. More than 150,000 of its traffic controllers are in use at over 57,000 intersections.
Meanwhile, Karlsruhe-based PTV provides software products based on proprietary algorithms. These range from microscopic and macroscopic modeling to real-time traffic management. Its systems benefit more than 2,500 cities and municipalities. PTV also provides software for the planning and optimization of logistics.
The new Econolite and PTV group has a presence in over 120 countries and more than 2,000 employees. PTV and Econolite will continue to serve clients under their established brand names.
“I am proud of the innovations that have helped our customers and have made drivers’ lives safer,” says Mike Doyle, Chairman and CEO of Econolite. “In PTV, we have found a strong and very competent partner with whom we will continue to shape the smart mobility market in the coming decades.”
Christian U Haas, CEO of PTV, adds, “Econolite is a great company with a strong position in smart mobility in North America. Together, we are ideally positioned to benefit from strong growth in the global market for mobility solutions.”
Read recent mergers and acquisitions news. And don’t miss expert opinion on this subject from JJ Eden in the March 2022 edition of TTi magazine.