TagMaster, a supplier of data solutions and advanced sensor systems for smart cities, has announced it has acquired 92.5% of the shares of Quercus Technologies, a provider of video-based advanced digital solutions for the parking industries, for €5.5 million.
Through the acquisition, TagMaster significantly strengthens its offering for parking access, management, and security, and increases its sales to business customers (B2B) to complement its currently predominantly government business.
Quercus, which has installations in more than 100 countries worldwide, is an international company with its headquarters in Spain and offices in France, and the US. The firm has successfully delivered market leading smart mobility and access control solutions to the parking industry for 25 years.
The company designs and manufactures advanced video analytics solutions for parking access control and parking information systems that maximize the efficiency of parking facilities and improve the customers’ parking experience. With installations worldwide in more than 60 airports, 80 shopping centers, hotels, universities, public institutions, hospitals, condominiums and offices, Quercus has established itself as a technology leader for the parking industry with a reputation of quality, reliability and superior customer support.
The acquisition of Quercus gives TagMaster access to deep knowledge in computer vision and state-of-the-art AI technologies and will enhance the group’s leadership in intelligent sensing for both traffic and parking applications. Following the acquisition, the group will have a total of 60 development engineers, 30 of which are dedicated to further developing AI-based and computer vision solutions.
“This is a highly strategic acquisition for us,” said Jonas Svensson, CEO, TagMaster. “In addition to making us a leader in parking solutions, as well as increasing our share of B2B business, it strengthens us technologically in AI and video analytics and opens new geographical markets.
“Quercus is strong in Germany, Spain, Australia with some business in the USA, while our main strengths lie in the USA, UK, and France. Together, we gain new abilities to sell our respective solutions in new markets and to offer a broader range of products and AI enabled solutions to our global customers,” continued Svensson.
Jordi Moragas, CEO of Quercus Technologies, continued: “We are very pleased to be joining the TagMaster Group. We recognize and welcome the strength that the union will bring to both brands and the synergies that are immediately apparent with the other TagMaster companies.”
