Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF) has purchased Richardson, Texas-based Electronic Transaction Consultants LLC from Align Capital Partners for a total cash consideration of $120 million plus transaction related expenses.
ETC is a provider of tolling and mobility software services to U.S. tolling authorities in the states of Texas, Georgia, California and Illinois.
“The investment from ACP last year was a critical next step in the growth journey for ETC,” said ETC CEO Bret Kidd. “We are grateful that ACP moved quickly post-closing to invest in our business and deliver on their promise to bring high-quality industry resources to bear. They were a great partner to management and the business.”
“Our investment in ETC was predicated on the massive need for SLGs to replace antiquated technology systems,” aid ACP managing partner Rob Langley. “ETC is at the forefront of software innovation within the tolling industry. Its cloud-based, modular software platform helps tolling agencies collect more revenue to fund required infrastructure investments, while also better serving its citizens.”
“During our partnership, ACP helped the Company add key management talent including a strong COO and CTO, streamlined ETC’s technology roadmap and improved the Company’s operating leverage and scalability. Accomplishing these objectives early on led to a number of key customer wins,” added Langley. “ACP’s investment came at a time of increased focus on U.S. infrastructure requirements, and we believe ETC is well positioned to build upon its strong historical growth with Quarterhill given the combined companies offer increased scale and synergistic technology solutions.”