05:33 PM EDT, 04/08/2024 (MT Newswires) -- Quarterhill ( QTRHF ) , a provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry, on Monday said it completed the acquisition of Red Fox I.D. for a undisclosed price

Based in Haddenham, England, Red Fox is a provider of Automatic Vehicle Detection and Classification (AVDC) software to the tolling industry. AVDC is responsible for the detection, classification and tracking of a vehicle as it enters and exits a tolling facility. Red Fox's Quantum software platform is able to process captured data from both LiDAR and "in pavement" inductive loops, making it unique in the market and at the forefront of advanced AVDC solutions.

"The Red Fox transaction met both our strategic and financial criteria for an acquisition, and we are pleased to welcome their team to Quarterhill ( QTRHF )," said Chuck Myers, CEO of Quarterhill ( QTRHF ) in a statement. "Red Fox is a leader in AVDC software, and their products are an ideal fit with our increasing focus on technology as a differentiator in the market. We expect the acquisition to be immediately accretive to cash flow and Adjusted EBITDA, and we look forward to investing further in their product platform and capabilities."

Quarterhill ( QTRHF ) shares closed up C$0.01 to C$1.83 on the Toronto Stock Exchange.