Inrix speeds ahead with buy of rival ITIS, looks to reduce global traffic congestion

Traffic jam (epSos.de photo)

Inrix, the provider of real-time traffic information, just got a lot bigger. The Kirkland company said that it has completed its acquisition of UK-based ITIS Holdings, which bolsters Inrix’s already fast-growing revenue base by $27 million and brings on board 155 new employees.

Inrix announced its $60 million bid for ITIS late last month, just a few days after it closed a whopping $37 million venture capital round led by Kleiner Perkins Caufield & Byers.

“The acquisition takes us one step closer to our goal of reducing the world’s traffic congestion by providing better information globally,” said Bryan Mistele, president and CEO of Inrix in a statement.  “As one company fueled by a talented staff and an unrivaled set of patented breakthrough technologies, we offer customers the best quality real-time, predictive and historical traffic information and services worldwide.”

Mistele

Last month, Mistele echoed those thoughts in an interview with GeekWire, saying that “traffic is a worldwide problem” and a ”billion dollar opportunity.”

He also hinted that Inrix, which operates in 30 countries and now boasts that 150 million drivers access the company’s traffic data every day, could be gearing up for an IPO.

“We are certainly on the path of wanting to take this business public,” Mistele said.

With an additional $27 million in revenue added to the profit — and solid profits — Inrix may very well get there sooner rather than later.

John Cook is co-founder of GeekWire. Follow on Twitter: @geekwirenews and Facebook.