That didn’t take long. A few days after landing $37 million in venture capital financing, saying it planned to use the money to pursue acquisitions, Kirkland-based traffic data company Inrix today announced a $60 million bid to acquire traffic technology and data company ITIS Holdings, its primary competitor in Europe.
Inrix, which specializes in real-time and predictive traffic technology, says the deal would fuel its international expansion.
By acquiring ITIS Holdings, the company would add $27 million in annual revenue, 155 new employees, and 70 new customers, including Mercedes, Nissan, Telefonica, Vodafone and O2. The deal would also expand Inrix’s reach into eight new markets, including Australia, Brazil, South Africa, Singapore and Russia, and improve its coverage in places including the UK and Germany.
Other aspects of the ITIS business include a TrafficLink subsidiary that delivers traffic broadcasts via the BBC, ITV and Sky News. Inrix says ITIS also has the leading Cellular Floating Vehicle Data (CFVD) network in the world, which would add 20 million connected devices to Inrix’s crowd-sourced traffic network and help open the door to emerging markets. Inrix currently has 10 million vehicles and devices in its network.
If approved by ITIS shareholders, the deal would close next month, Inrix says.
Inrix is profitable and says it grew revenue at an annual rate of 90 percent over the past three years. Bryan Mistele, the Inrix CEO, told GeekWire recently that the company would use the new funding for acquisitions. Inrix is also eying a future IPO.
“We are absolutely committed to being a worldwide provider of traffic data,” Mistele said at the time, calling traffic “a worldwide problem” and a ”billion dollar opportunity.”
Inrix was originally founded in 2004 based on technology licensed from Microsoft Research.