ITT Inc. plans to expand the capabilities of WTX Inc.’s technology and use its advanced sensor and predictive analytics capabilities for its key industrial IoT markets.
WTX uses a proprietary vehicle-mounted IoT sensor network and AI machine learning to generate real-time and predictive analytics on road weather conditions, road hazards and dynamic routing. The combination of the company’s sensor network and AI platform can also be used in the various industrial IoT applications ITT is targeting, including: measuring and monitoring factory air quality; optimizing the supply chain; logistics and asset tracking.
The company says WTX’s sensor capabilities can also be developed for custom applications for the energy, manufacturing, aerospace and agricultural sectors. ITT plans to expand WTX’s technology and use the sensor and predictive analytics capabilities for its key IIoT markets.
“ITT Inc.’s vision to maximize the opportunities presented by the emerging IoT marketplace closely aligns with our strategy to apply predictive data and IoT sensor networks, to solve some of the global challenges facing the transportation, insurance and weather sectors,” said Robert Moran, CEO of WTX Inc. “The deal makes sense for both parties to combine our strengths to accelerate adoption of AI and IoT in addition to expanding our reach into China through ITT Inc.’s joint venture with New Hope.”
ITT Inc. will acquire WTX for CAD$3.0 million in cash, shares and assumed debt. It is subject to board approval and ITT’s due diligence, as well as TSX Venture Exchange approval but the deal is expected to close within the next 90 days.