International Road Dynamics, a wholly owned subsidiary of Ottawa-based Quarterhill, will provide full-service traffic monitoring services to the state of Oklahoma over the course of a five-year, multimillion-dollar contract.
IRD operates in the so-called industrial internet of things, providing data and analytics for connected technologies in areas such as transportation.
The $4.23-million deal with the Oklahoma Department of Transport is an extension of the firm’s more than 25-year relationship with the state. It will see IRD provide equipment, services and maintenance for Oklahoma’s 95 traffic monitoring systems across the state.
These systems include weigh-in-motion capabilities that measure trucks’ cargo loads as they drive, as well as infrared sensors that can classify vehicle makes and sizes as they pass through. IRD collects data such as vehicle volume, speed and time of travel and provides post-collection reports, which is meant to save time and resources on manual inspections.
Quarterhill’s interim CEO Shaun McEwan told OBJ in April that value like this is what makes the IIoT industry worth trillions of dollars.
Quarterhill’s (TSX:QTRH) stock hit its 52-week peak at $2.91 in April, shortly after the firm announced its pivot into the IIoT sector, but has dropped in value in recent months. Shares of the firm were trading at $1.67 by midday, a slight increase over the day before.