ITS data and sensor specialist TagMaster has paid €3.4 million for video-based traffic management firm Citilog.
Currently owned by Axis Communications and headquartered in Paris, Citilog has a subsidiary in the US.
The companies say the move will help create future products and data solutions in the US and Europe, and provide a platform for future business models such as selling Detection as a Service (DaaS).
Citilog is focused on four application areas: incident management, traffic efficiency, traffic statistics and remote parking enforcement.
The company, which had sales of €5.8 million last year, has 45,000 cameras and sensors deployed in over 60 countries, and says it was the first to introduce video-based automatic incident detection in 1997.
In 2019, it launched the first incident management analytics module based on Deep Learning technology, and says its algorithms can be used as solutions at the edge and in the cloud.
"Citilog makes us stronger in the ITS market," says TagMaster CEO Jonas Svensson.
"Citilog is also adding a wealth of AI and deep learning software capabilities and with the combined expertise of Citilog, Sensys Networks and TagMaster, we have excellent revenue growth opportunities in both US and European markets.”
The deal is expected to close tomorrow (30 April).
Citilog's Eric Toffin, Citilog, said: "We recognise and welcome the strength that the union will bring to both brands and the synergies that are immediately apparent with the other TagMaster companies.”
TagMaster adds: "Citilog’s video-based edge analytic will be a very important additional detection technology within TagMaster's growing multimodal ITS data solutions. Accurate detection and actionable data are the foundation for future ITS systems."