Rekor will provide $61 million in cash and common stock with closure of the deal expected in the third quarter of 2021.
The solution from Waycare, founded in 2016, uses AI to aggregate and process data from various sources to help government agencies with crash prediction, congestion detection, as well as incident management and identification.
Waycare collates data from transportation agencies' existing infrastructure, which is then synthesised with additional data from mobile apps, connected vehicles, weather analysis and event management systems to produce actionable insights and predictions.
“Waycare is a rare asset,” said Robert Berman, chief executive of Rekor. Waycare’s AI platform is complementary to Rekor’s platform and can be quickly integrated into Rekor One to broaden Rekor’s suite of solutions for safety and incident management.