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Federal Signal Corporation and Sirit Inc. announced that they have signed a definitive agreement pursuant to which Federal Signal will acquire all of the issued and outstanding common shares of Sirit. The transaction has a total equity value of approximately $48 million.

Sirit is a designer, developer, and manufacturer of radio frequency identification (RFID) technology for applications such as tolling, electronic vehicle registration, parking and access control, asset management, cashless payments, and supply chain systems.

“We are excited about this transaction with Sirit, as it further strengthens Federal Signal’s best-in-class product portfolio and advances our stated strategy of driving growth through our Public Safety Systems platform,” said William Osborne, Federal Signal's president and CEO. “Sirit, Diamond Consulting Services, and PIPS have a proven record of success in jointly delivering superior technology-based client solutions. We are committed to investment in research and development to maintain Sirit’s reputation for technical excellence and with the addition of Sirit’s talented employees, we look forward to further differentiating Federal Signal’s Public Safety Systems offering.”

"We are thrilled to be joining Federal Signal and are excited by the opportunities we will have as part of a larger organization with greater financial resources and access to a wider customer base. The combination of Sirit and Federal Signal creates a superior technology platform and service offering, while providing customers with more complete and fully integrated solutions,” said Norbert Dawalibi, president and CEO of Sirit. “We look forward to working closely with the Federal Signal team to ensure a smooth transition and complete the transaction as expeditiously as possible."

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