A Toronto-based tech firm just announced that it has closed the acquisition of 100% of the outstanding equity of Electronic Transaction Consultants, LLC, an Intelligent Transportation Systems ("ITS") company focused on tolling and mobility systems. Shares of Quarterhill Inc. (TSX:QTRH) rallied on the news as this acquisition now puts the company in a leadership position in the U.S. tolling market, according to the release.
Quarterhill is focused on the acquisition, management, and growth of companies in the intelligent transportation systems and innovation and licensing industries. The company operates in two segments: Licensing, which includes companies that count licensing as their principal business activity; and Intelligent Transportation Systems, which include companies that provide integrated systems and solutions to the ITS industry and its adjacent markets. Its geographical segments are the United States, Canada, Chile, China, Korea, Singapore, Taiwan, Thailand, Ukraine, and the Rest of the world.
Shares of the small cap got bid up following the announcement as shares touched $2.83/share (+4.81%) at the session high. This move is a strong continuation of the success this stock has had since the beginning of August.
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