22 Aug 2011
Software and Computer Services
- Post Deal Mkt Cap:
Recommended Cash Offer for ITIS Holdings plc by Inrix Inc
Zeus Capital, the Manchester based Corporate Finance Adviser, is pleased to announce that they have advised INRIX Inc (“INRIX”) on the recommended takeover of ITIS Holdings plc (“ITIS”).
INRIX Inc, a Delaware USA corporation, made a recommended cash offer (through its wholly owned subsidiary Inrix Holdings UK Ltd) for the entire issued and to be issued ordinary share capital of ITIS Holdings plc at 37.48 pence per ITIS Share. This represented a premium of approximately 210 per cent. over the price of 12.1 pence, being the price paid per ITIS Share on 24 January 2011 being the highest price paid per ITIS share since the cancellation of ITIS from trading on AIM. The Offer Price values ITIS’s issued ordinary share capital at approximately £36.9 million. The Offer was declared wholly unconditional after more than 91% of ITIS shareholders had accepted within 21 days of the Offer document being posted.
INRIX is a leading provider of accurate real-time, historical and predictive traffic information. INRIX is a privately held corporation based in Seattle in the USA and was founded in July 2004 by former Microsoft executives Bryan Mistele and Craig Chapman.
INRIX’s mission is to reduce traffic congestion by providing traffic and connected driving services across public sector, automotive, mobile, media, and fleet markets to the world’s one billion drivers.
Altrincham based ITIS Holdings plc, is an international provider of traffic information. They provide high quality real time, historic and predictive traffic information for real world applications. Its pioneering Floating Vehicle Data technology can be used to rapidly deliver traffic information on a nationwide scale and at significantly reduced cost compared to traditional fixed-sensor based systems. ITIS’ flexible TrafficScience platform and dynamic partnering strategy provides a choice of real world applications for customers including cellular network operators, automotive manufacturers, broadcast media, fleet operators, Government agencies and traffic consultants.
Reasons for the Offer
INRIX believes that the combination of the INRIX and ITIS businesses should provide a compelling service proposition for existing and new customers of the enlarged group. The INRIX Board believes that this should be achieved through combining the respective strengths of each company’s technologies, data sourcing and fusion which, together with research and development, should lead to the delivery of quality traffic information more cost effectively and in more markets.
INRIX believes that the acquisition of ITIS will accelerate growth in Europe and beyond.
Zeus Capital commented:
“INRIX, Inc are a rapidly growing US business who have successfully raised funds in the US for the acquisition of ITIS in a move to consolidate their global position”.