Waterloo company’s core technology based on University of Waterloo project by CEO Kurtis McBride
Miovision Technologies Inc. has made a pivotal acquisition financed by three large Canadian technology investors, establishing the Kitchener, Ont. company as one of North America’s leading smart city equipment vendors.
It will give Miovision an expanded market for selling its wares, used by governments to monitor and study traffic flows for planning purposes and detect real-time traffic patterns to adjust and optimize signaling. GTT is used at more than 90,000 intersections in 3,100 cities globally. By contrast, Miovision products serve 10,000 intersections in 450 cities.
To finance the deal, Miovision has raised US$150-million from Maverix Private Equity, Telus Corp. and Export Development Canada. Each is investing US$50-million, with US$125-million going to the company and US$25-million to early investors. Telus, which led a C$120-million financing of Miovision in 2020, will additionally buy out early backer MacKinnon, Bennett & Co. for C$52-million.
“Miovision had a game-changing opportunity and needed someone to act quickly,” to finance the deal, said Guillermo Freire, senior vice president, mid-market with EDC, which has stepped up its support for growing export-oriented Canadian technology companies recently. “We cted without hesitation given the opportunity” and conviction about Miovision’s market leadership, he said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bud Light chief 'never intended' boycott over trans star Dylan MulvaneyAfter a boycott over Bud Light commemorating a transgender actress, chief executive of Anheuser\u002DBusch issued a vaguely apologetic statement.
Read more »
Bud Light chief 'never intended' boycott over trans star Dylan MulvaneyAfter a boycott over Bud Light commemorating a transgender actress, chief executive of Anheuser\u002DBusch issued a vaguely apologetic statement.
Read more »
Eric Akis: Bright green asparagus adds spring flair to creamy pastaPasta in a creamy sauce is enhanced with sautéed mushrooms, shallots and garlic, basil, bright green pieces of asparagus and freshly grated Parmesan cheese.
Read more »
Analysis: Earning First Nations' trust on resource projectsAdvancing any energy project, green or otherwise, is rarely straight\u002Dforward. There’s something to be gleaned from projects that work
Read more »
Saskatoon residents dump cartsWATCH: Some Saskatoon residents decided to show the city how upset they are with the green cart program.
Read more »
Saskatoon residents dump cartsWATCH: Some Saskatoon residents decided to show the city how upset they are with the green cart program.
Read more »