SALT LAKE CITY, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Teamtronics, Inc. a manufacturer of portable, rugged computerized equipment for industrial and field automation, announced the acquisition of High Tech Solutions' Automotive Pattern Recognition (HTS-APR) business. The acquisition includes all applicable assets including the intellectual property and customer base.
HTS-APR is a technological world leader in computer vision image processing based solutions for Automatic Number Plate and Vehicle Recognition (ANPR) for Security, Traffic Management, Parking Management, Law Enforcement, Electronic Toll Collection & Enforcement, Surveillance and Access Control.
With thousands of installations in more than 17 countries, HTS-APR’s groundbreaking solutions are trusted by the most demanding and discerning customers including: the Brookhaven National Laboratory for access control, Boston’s Logan Airport for increased throughput during pre-flight applications, the U.S. Department of Transportation readers at the US/Mexico border crossing, as well as many Las Vegas Hotels for automatic parking charge processing. HTS-APR also installed specialty recognition equipment in sensitive zones in the Middle East for government security clients. This technology can also be implemented for autonomous vehicle command and control applications.
Inspired by research into time-critical “friend or foe” decision making processes, HTS-APR’s patented algorithms are based on a combination of cognitive science and machine learning (Artificial Intelligence) based pattern recognition arbitrated through a multilayered decision process which offers both speed and accuracy.
Shai Lustgarten, CEO of Teamtronics, commented, “The global market for ANPR systems is expected to grow from $1.97 billion in 2016 to $4.25 billion in 2023. HTS-APR’s solution, with proven superior accuracy based on patented algorithms, positions us as a strong contender to capture a meaningful share of this growing multi-billion dollar market. This acquisition brings with it a strong team of reputable scientists and experienced engineers focused on the further development of cutting edge solutions, which we believe will enable us to drive growth and profitability.”
Joseph Gunnar & Co. LLC served as advisor to Teamtronics for the financing.
Teamtronics Inc. based in Salt Lake City UT, manufactures and sells ruggedized computers and other electronics products that can stand extreme environmental conditions. Teamtronics management team has a proven track record of growing successful technology companies in the US and Israel.