Cubic Corp. said on Jan. 2 that it acquired Gridsmart Technologies Inc. for $87 million in cash.
Cubic (NYSE: CUB) said the addition will expand its intelligent traffic management offering.
Based in Knoxville, Tennessee, Gridsmart specializes in video detection at the intersection utilizing advanced image processing, computer vision modeling and machine learning. According to Cubic, Gridsmart’s single-camera solution provides best-in-class data for optimizing the flow of people and traffic through intersections.
Cubic splits its business between technology for government transportation agencies and defense contracting.
The San Diego company will finance the acquisition through its existing credit facilities.