We caught-up yesterday morning with Bill Malkes, Chief Executive Officer (CEO) of GRIDSMART Technologies Inc., less than a day after the 12-year old Knoxville company’s acquisition by Cubic Corporation was announced.

Cubic Transportation Systems has acquired video detection company Gridsmart Technologies for approximately $87m in cash to bolster its intelligent traffic management portfolio.

“GRIDSMART’S industry-leading video tracking solution at the intersection is a key addition to grow our intelligent traffic management portfolio to reduce congestion, said Bradley Feldmann, Cubic’s chairman, president and chief executive officer.

In an announcement late yesterday, Cubic Corporation said that it is acquiring the West Knoxville-based company “for approximately $87 million in cash, subject to customary adjustments.”

Cubic Corporation (NYSE: CUB) today announced the acquisition of GRIDSMART Technologies, Inc., a market-leading, technology-driven business with a differentiated video tracking offering in the Intelligent Traffic Systems (ITS) market, for approximately $87 million in cash, subject to customary adjustments.