Harris Williams Advises Trafficware on its Sale to Cubic Corporation
Harris Williams, a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that it advised Trafficware, a portfolio company of KRG Capital Partners (KRG), on its sale to Cubic Corporation (NYSE: CUB, Cubic). Trafficware is a leading provider of intelligent traffic solutions (ITS) for the transportation industry. The transaction was led by John Arendale, Eric Logue, Jenson Dunn, and Chris Toussaint of Harris Williams’ Industrials Group and Jeff Bistrong and Andy Leed of the firm’s Technology, Media & Telecom (TMT) Group.
“The management team at Trafficware has done a terrific job building a leading ITS platform with exciting new product innovations that are shaping the future of their market,” said John Arendale, a managing director at Harris Williams. “We are thrilled to have found a great partner in Cubic that shares in the Trafficware management team’s strategic vision for the business. Both companies have been highly successful in their respective markets, and we are excited to watch their combined success.”
“It has been a privilege representing both KRG and Trafficware’s management team on this transaction, and we are excited to have delivered a successful outcome for the company and its shareholders,” added Eric Logue, a director at Harris Williams. “Trafficware represents another marquee transaction for Harris Williams in the industrial technology sector.”
Based in Sugar Land, Texas, Trafficware provides a fully integrated, innovative suite of software, Internet of Things (IoT) devices and hardware solutions that provide customers with enhanced mobility and improved safety. As a company driving innovation in the traffic industry, Trafficware builds traffic management infrastructure for the next-generation of Smart Cities. Trafficware currently has the fastest-growing central management system as well as adaptive traffic control technology; and most recently, Trafficware designed applications for the latest in Connected Vehicle technology for traffic signal systems. The company’s flagship Synchro® Studio suite helps improve traffic operations of all sizes and Trafficware’s Advanced Traffic Management System (ATMS) is used by more than 200 transportation authorities as the cornerstone of their central traffic management system.
Founded in 1996, KRG is a Denver-based private equity buyout firm with $4.4 billion of cumulative capital either deployed or available for future investment, which includes approximately $1.2 billion deployed since inception by institutional equity co-investors. The firm seeks investment opportunities for its partners where KRG can work in concert with owners and operating managers who are committed to expanding their companies and becoming industry leaders. The result is a partnership that focuses on creating a significantly larger enterprise through a combination of internal growth and complementary add-on acquisitions.
Cubic is a market-leading, technology provider of integrated solutions that increase situational understanding for transportation, defense C4ISR and training customers worldwide to decrease urban congestion and improve the militaries’ effectiveness and operational readiness. Cubic Global Defense Systems is a leading provider of live, virtual, constructive and game-based training solutions for the U.S. and allied forces. Cubic Transportation Systems is a leading integrator of payment and information technology and services to create intelligent travel solutions for transportation authorities and operators. Cubic Mission Solutions provides networked Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) capabilities for defense, intelligence, security and commercial missions.
Harris Williams (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams’ Industrials Group has experience across a variety of sectors, including advanced manufacturing; aggregates, metals, and mining; building products; chemicals and specialty materials; industrial technology; and packaging. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group’s section of the Harris Williams website.
Harris Williams’ TMT Group advises leading private and public companies, entrepreneurs, private equity firms and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The TMT Group has deep domain expertise in the Software/SaaS and Internet & Digital Media segments, with particular emphasis on specific verticals including education technology, data analytics, energy technology, fintech, public sector, and supply chain/logistics—with a dedicated healthcare technology (HCIT) practice. Across verticals, the firm also advises technology services and networking solutions businesses. For more information on the TMT Group and its recent transactions, visit the TMT Group’s section of the Harris Williams website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.