The Stevens & Bolton corporate team has advised the key shareholders of SaaS business, Red Fox I.D. Ltd, on its $10.2m sale to Quarterhill, Inc., a leading provider of tolling and enforcement solutions in the intelligent transportation system industry, listed on the Toronto Stock Exchange.
Red Fox is a profitable and growing provider of automatic vehicle detection and classification (AVDC) software to the tolling industry. AVDC is at the front end of any tolling transaction where accuracy and flexibility are essential. Red Fox's Quantum software platform boasts detection accuracy of up to 99.96% and its ability to process captured data from both LiDAR and "in pavement" inductive loops, makes it unique in the market and at the forefront of advanced AVDC solutions.
Steve Bird, CEO of Red Fox, commented: “Andy [CTO of Red Fox] and I would like to extend our heartfelt thanks for all that Oscar, Rebecca, Edward, Millie, Andy, Chelsea, Sarah and Kate plus the rest of the S&B team have done for both of us and for the Red Fox shareholders. You have all expertly guided us through this complex process."
Oscar Horwich, Corporate Partner, commented: “It was great to work with the Red Fox team on this successful transaction with Quarterhill, Inc. We have a lot of experience advising UK sellers on cross-border deals, in particular with sales to US and Canadian buyers, so we are very pleased to have helped Steve and Andy get this over the line and wish them all the best working with the high-quality team at Quarterhill to drive development and software sales.”
The Stevens & Bolton team was led by Oscar Horwich with support from Rebecca Hunt, Edward Cummings and Millie Wakefield (corporate), Andy Williams and Chelsea Feeney (employment and pensions), and Kate Schmit and Sarah Balchin (corporate tax).
Oscar Horwich