NEW YORK, July 15, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Image Sensing Systems, Inc. (NASDAQ: ISNS). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.
Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=ISNS
Highlights from our ISNS Report include:
- Recent Sale Transaction -- On Thursday July 9, 2015, Image Sensing Systems, Inc. announced the sale of its Automatic Number Plate Recognition (ANPR/LPR) business (CitySync Ltd) to TagMaster AB for the purchase price of $4.2 million in cash. Shares of Image jumped 14.71% the following day, closing up at $3.90 after gaining 0.29% the day prior.
- Strategic Shift in Corporate Direction - The move comes on the back of Image Sensing Systems' decision to shift its strategic direction and focus to the Intelligent Transportation Systems (ITS) market by investing in its Autoscope video detection and RTMS radar detection products and solutions. Commenting on the sale, Dale Parker, interim chief executive officer of Image Sensing Systems, said, "The decision to sell our ANPR/LPR business allows us to focus on growing our radar and video product lines. The ITS market continues to grow, and agencies are moving away from in-ground technologies for which we believe our products are a perfect alternative."
- Understanding Purchaser Motivations -The acquisition of CitySync Ltd is also in line with TagMaster's strategy to increase its product offering through selective acquisitions in adjacent technology areas like sensors, detectors and camera technology (LPR/ANPR) to be able to offer the type of information required to build smart cities. Jonas Svensson, TagMaster's CEO commented, "We are now taking our first step to realize the acquisition part of our strategy with an ambition to increase our turnover and our profit in a faster pace." While discussing the synergies of the transaction, he added, "TagMaster and CitySync are very complimentary and they share the common basic values required to build a solid growth within Traffic Solutions." TagMaster stated that the acquisition is expected to contribute with around one half yearly turnover to the total turnover of TagMaster in 2015. Structural changes however might influence the total result negatively.
- Immediate Effect, Gradual Transition - Image Sensing Systems stated that it will ensure a seamless transition for TagMaster's customers, partners and distributors by working closely with the Sweden-based producer of advanced RFID solutions. After beginning effective immediately, the transition is expected to continue over the next several months.
To find out how this influences our rating on Image Sensing Systems, Inc., read the full report in its entirety here: http://www.aciassociation.com/?c=ISNS
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