Internet of Things Inc., a Toronto-based industrial IoT software provider, said it has signed a letter of intent to acquire Ottawa-based Weather Telematics (WTX) through its IoT Labs subsidiary.
“WTX is an emerging global leader in predictive artificial intelligence and in autonomous vehicle solutions,” Internet of Things Inc. said in a news release. “Weather Telematics is at the forefront of the explosive growth opportunity presented by the combination of artificial intelligence (AI) and the rapidly expanding autonomous vehicle market.”
“WTX’s products have established market viability, are generating revenue, and the company is on track to deliver positive earnings in 2018,” the company added.
Weather Telematics uses a proprietary vehicle-mounted mobile IoT sensor network and AI machine-learning system to generate real-time and predictive road weather conditions, road-hazard-risk alert notifications and dynamic routing applications.
Going forward, Internet of Things Inc. said it plans to expand the capabilities of WTX’s technology and use its advanced sensor and predictive analytics capabilities for its key industrial IoT markets. In addition, Weather Telematics’ proprietary AI platform, combined with its sensor technology, provides real-time and predictive data analytics capabilities that can be modified for multiple industrial IoT applications for North America and abroad, according to the company.
“We are impressed by the team behind WTX, their solution offerings and the acceptance and orders that they have secured from leading-edge global automotive, insurance and navigation companies,” said Michael Frank, CEO of Internet of Things Inc. “We are looking forward to working together to grow and expand WTX’s platform from the autonomous vehicle to the industrial IoT markets in North America and internationally including China through our New Hope JV.”
Internet of Things Inc. has agreed to pay $3 million Canadian in cash, shares and assumption of debt to acquire Weather Telematics.