Read Montgomery AL: Governor Ivey Establishes The Alabama STEM Council
New Video: Thurs: PS5 vs Xbox Series X
Tech Podcasts Features CNET All Tech
(To read more of the latest southeast tagtv news, go to the home page)
Posted January 30, 2019
Knoxville-founded Gridsmart Technologies has been acquired by Cubic Corp. for $87 million in cash.
Gridsmart co-founder and CEO Bill Malkes said production of its traffic management technology will stay in Knoxville, as will its 50 local jobs. The deal closed Jan. 2.
The company will be known as Gridsmart, a Cubic Company, and will retain its branding.
Gridsmart was looking to raise another round of growth capital when several companies pursued acquisition. Cubic stood out for its "do no harm" approach, Malkes said.
“They were concerned about the culture and the employees here," he said. "So it wasn’t just financial; it was about finding the right fit for the company."
Gridsmart, a leader in the detection sector of the intelligent traffic management market, is projected to generate $35 million in sales in 2019, according to Cubic investor documents.
Read the rest here