No longer satisfied simply producing traffic technologies, Traffic Technologies (ASX:TTI) has entered into a deal with Monash University and Monash Council to turn Oakleigh into a smart city.

Oakleigh is a suburb in Melbourne’s south-east, part of the Monash council area, which is home to around 200,000 residents.

Traffic Tech has made a concerted effort to diversify its product range over the past couple of years, and last year moved into the smart city sector, adding LED street lighting, Internet of Things (IOT) sensors and software to its product list.

And while the company’s full-year financial figures, released on Friday, made for ugly reading — profit fell 79 per cent and revenue dropped 15 per cent — it is moving ahead on the smart city strategy.

Monash Council, Monash University and Traffic Tech will collaborate on the development of a smart city control system known as ‘i-Sense Oakleigh: The Smart Connected Precinct’.

Traffic Tech described it as an “exciting project that comprises the development of a connected IoT platform enabling multiple sensor approaches and data communication technologies to sense, collect and analyse relevant data and deploy sensors, applications and services to improve user experiences within the Oakleigh precinct”.

“We are particularly pleased to be working with Monash Council and world-renowned Monash University on this project,” Traffic Tech managing director Con Liosatos said.

“It further enhances the company’s role in the development of smart city platforms, which are expected to revolutionise the management of assets by government bodies and corporations in the near future, including traffic management, parking and asset management.”

Monash Mayor Shane McCluskey said it was an important project for the area.

“There is no doubt the community will benefit from the connected platform that will provide real information about the Oakleigh precinct and also allow council to have an increased ability to be responsive to managing and maintaining assets and services,” he said.

In other ASX tech news today:

Pointerra (ASX:3DP) shares jump 10 per cent. The company provided investors with an enterprise sales update, announcing sales to new customers in both Australia and the US, as well as increased sales to existing customers across Australasia and the US.

KNeoMedia (ASX:KNM) to trade in the US. KNM shares got a 10 per cent boost on news the company would begin trading on the US OTCQB market on Wednesday. James Kellett, KNeoMedia CEO, said the move would give the company access to US investors. No new shares are being issued.