ITIS Holding, part of international investment group PPF Group, said the acquisition will enable the creation of an end-to-end ITS and automation provider with a range of sustainable solutions for urban mobility, tolling, road safety and traffic enforcement, with global delivery reach.

As part of the acquisition, ITIS Holding, which also owns satellite tolling solution provider SkyToll, will develop R&D and production capabilities within Vitronic’s facilities in Germany. “We approach the acquisition of Vitronic as a long-term strategic investment,” said Matej Okali, CEO of ITIS Holding.

“By connecting these two leaders from several industries, our ambition is to grow the entire group into a globally successful, large-scale ITS provider. Upon completion of the transaction, ITIS Holding will contribute €50m toward the enhancement of Vitronic’s capital structure.

“This year, Vitronic celebrates 40 years since its founding,” said Daniel Scholz-Stein, CEO of Vitronic. “Building upon this, I am confident that, with the new ownership, the best years are ahead for both the traffic and automation industries.

“The complementarity between our solutions, products, software and services allows us to present our customers with a significantly broader range of advanced technological solutions.”