INRIX Completes Acquisition of Leading European Traffic Information Company ITIS Holdings
KIRKLAND, Wash., and ALTRINCHAM, England, Aug. 22, 2011 /PRNewswire/ -- INRIX, Inc., a leading international provider of real-time traffic information and connected driving services, announced today that it has completed the acquisition of ITIS Holdings plc, a UK-based traffic information company. The acquisition adds $27 million in revenue and 155 employees to INRIX, and extends INRIX's reach to more than 200 leading customers in 30 countries around the world. With this acquisition, more than 150 million drivers will rely on INRIX traffic information to help them save time, money and use less fuel every day.
"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. "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."
Said Stuart Marks, Founder and CEO of ITIS, "Our complementary technologies, combined geographic reach and expanded technical expertise helps us better serve our customers and provides our staff exciting opportunities to work with some of the world's leading companies. We are delighted to join with INRIX."
INRIX® is a leading global provider of real-time traffic information and connected driving services in the car, online and on mobile devices. With more than 200 customers and partners including Audi AG, ADAC, ANWB, the BBC, Ford Motor Company, I-95 Coalition, MapQuest, Microsoft, NAVIGON, Nissan, O2, Tele Atlas, Telmap, TeleNav, Toyota and Vodafone, INRIX's real-time traffic and traffic forecasts help drivers save time every day.
INRIX Traffic Services leverage sophisticated statistical analysis techniques, originally developed by Microsoft Research, to aggregate and enhance traffic-related information from hundreds of public and private sources, including traditional road sensors and the company's unique network of more than 30 million connected vehicles and devices. INRIX delivers highly accurate real-time and historical traffic information today for 30 countries worldwide. To experience the traffic technology revolution behind the next generation of navigation and location-based service applications, visit www.INRIX.com.
CAUTION CONCERNING FORWARD LOOKING STATEMENTS
This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the ability of the companies to successfully and efficiently integrate, the expected benefits or synergies of the acquisition, the expected performance and features of ITIS' or INRIX's products and any INRIX and ITIS combined products, the impact of the acquisition on the future innovation of INRIX and ITIS products, the future product roadmap for ITIS products, the continued availability of and support for ITIS' products, INRIX's expectation with respect to investment in existing ITIS products, the impact of the acquisition on, and the expected benefits of the acquisition for, users of INRIX and ITIS products, INRIX's and ITIS' ability to serve certain market segments, and INRIX's and ITIS' expectation about whether ITIS will operate as an independent company or be integrated into INRIX. These statements are based on the current expectations or beliefs of management of INRIX, Inc., and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to (1) changes in economic, business, competitive, technological and/or regulatory factors, (2) failure to compete successfully in this highly competitive and rapidly changing marketplace, (3) failure to retain key employees, and (4) other factors affecting the operation of the respective businesses of INRIX and ITIS. INRIX is under no obligation to, and expressly disclaims any such obligation to, update or alter their respective forward-looking statements, whether as a result of new information, future events, or otherwise.
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