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A Saskatoon-based company that builds and sells intelligent transportation systems technology around the world has been acquired by an Ontario company in a deal worth $63.5 million.

International Road Dynamics Inc. (IRD) announced this week that it entered into an agreement with patent licensing company Wi-Lan Inc., which will buy its shares for $4.25 apiece — a 51 per cent premium on its closing price last week.

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“This transaction provides compelling and certain value for IRD shareholders and also provides significant opportunity for our employees and customers to benefit from our future growth plans,” IRD president and CEO Terry Bergan said in a statement.

Wi-Lan, which is based in Ottawa and expects to begin operating under the name Quarterhill Inc. in June, said in a news release that it was attracted to the “strong portfolio” of more than 80 pending and issued patents held by IRD.