Projo Biz Blog

American Traffic Solutions, Inc., an Arizona-based company, submitted the winning bid Tuesday for Nestor Traffic Systems, the Rhode Island traffic technology company that went into receivership in June.

Jonathan N. Savage, a partner with Shechtman Halperin Savage LLP who had been appointed by state Superior Court to run Nestor until a bidder could be found, said American Traffic Solutions plans to keep Nestor's operation, with approximately 55 local employees, in Rhode Island.

Savage said the winning bid was $6,450,000, plus another $632,000 for the current account receivables, bringing the total bid to $7,082,000. Savage, who described the bidding as spirited, said there were two interested parties bidding besides American Traffic Solutions: the Nestor management team, called B2H3, and RedSpeed Illinois.

Nestor provides traffic monitoring systems for about 25 municipalities in California, Georgia, Maryland, Virginia, Ohio, Delaware, Iowa, Texas and Florida.

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 Tags  American Traffic Solutions Nestor Traffic Systems

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