Federal Signal Acquires RFID Provider Sirit

Federal Signal Corp., a provider of environmental, safety and transportation solutions, has signed an agreement to acquire all of the issued and outstanding common shares of Sirit, a provider of radio frequency identification (RFID) technology, for cash consideration of CDN$0.30 per share. The transaction has a total equity value of approximately US$48 million.

Sirit is a designer, developer and manufacturer of RFID technology for applications such as tolling, electronic vehicle registration, parking and access control, asset management, cashless payments and supply chain systems. The combination of Sirit’s RFID technology with Federal Signal’s detection and PIPS classification technology (acquired in the December 2009 purchase of Diamond Consulting Services) and existing automated license plate recognition technology, will allow Federal Signal to offer a full portfolio of intelligent transport systems.

Upon completion of the transaction, Sirit will operate as part of Federal Signal’s Safety and Security Systems Group.

Sirit’s products are built on more than 16 years of RF domain expertise addressing multiple frequencies (LF/HF/UHF), multiple protocols and are compliant with global standards. Sirit’s portfolio of products and capabilities can be customized to address new and traditional RFID market applications, including supply chain and logistics, cashless payment (including electronic tolling), access control, automatic vehicle identification, inventory control and management, asset tracking and product authentication.