Canadian-owned Israeli AI & transportation management firm sold to Redflex
Australian firm gains RoadMetric's Israeli cutting edge urban mobility solutions
RoadMetric Ltd’s controlling shareholder, Toronto-based Rabbi David Hofstedter announced the recent sale of the company to Redflex Traffic Systems, Inc., an Australian-based company specializing in intelligent traffic management solutions. The purchase accelerates Redflex’s entry into AI and computer vision to enhance and expand its solutions with development work to continue in Israel. The selling price was not disclosed.
“This acquisition will allow us to provide customers with advanced machine vision analytics software and a leading-edge AI platform to address a variety of issues associated with urban mobility, congestion management and road user charging,” says Mark Talbot, Group Chief Executive Officer of Redflex Holdings Limited of South Melbourne, Australia. “We will also be able to enhance our market leading solutions with the fusion of radar and video analytics technology. Most importantly, RoadMetric brings solutions that are market ready today, as well as a platform we can leverage to meet growing demand for more intelligent roadways.”
Founded in 2007, RoadMetric is recognized as a technology leader in the design of machine vision analytics for mobile video-based solutions that utilize AI, to be deployed by communities and law enforcement. The acquisition includes RoadMetric’s AI platform which is supported by seven granted and eight pending patents. RoadMetric, headquartered in Jerusalem, Israel, provides Redflex with ready now solutions to expand its pipeline of new opportunities. The agreement also includes the hiring of key RoadMetric personnel with advanced degrees in computer vision, research and development, electronics and software engineering.