Tracsis, the provider of software and services for the traffic data and transportation industry, has acquired 28.1% of London based Vivacity Labs, a data provider for smart cities and intelligent transport systems, for £1.3m.
Vivacity has developed novel machine learning software and sensor technology which can solve a wide range of traffic and transport issues – including specifically for the automatic counting and classification of pedestrian and vehicle flows in a variety of environments.
The adoption of the Vivacity technology will allow Tracsis to significantly reduce its existing costs for processing video footage within the Traffic & Data Services Division whilst also leading to improvements in operational performance such as increased accuracy of traffic counts and the reduction of turnaround times for clients.
A Tracsis executive will join the Board of Directors of Vivacity to help further grow the business and promote their offering to the Tracsis customer base.
John McArthur, Chief Executive Officer of Tracsis plc, said: “We are delighted to have agreed this investment into Vivacity Labs and are excited by the potential of this technology both for our business and the wider traffic and transport market. The potential of machine learning technology is very significant and the Vivacity offering is highly complementary to our Traffic and Data Services division.”