Wireless Matrix, a provider of fleet software and communications that includes the FleetOutlook platform, announced it has reached an agreement to sell all the shares of Wireless Matrix USA, Inc., a Delaware corporation and wholly-owned subsidiary of Wireless Matrix (“Wireless USA”), to CalAmp Corp. for $53.0 million in cash.
The acquisition will bring together two providers of wireless and GPS fleet tracking to create one of the largest mobile resource management companies in the industry, the companies say.
Upon closing of the transaction, Wireless Matrix plans to undergo an orderly liquidation and to return 100 percent of its remaining capital to its shareholders (estimated to be around $51 million after accounting for various expenses) as a return of capital.
“I am confident that the combination of our businesses will accelerate growth beyond what either company would likely experience independently given the substantial synergies that exist, particularly in terms of product platforms, customers and channels,” said Michael Burdiek, president and chief executive officer of CalAmp.
“We have been partners with CalAmp for the past several years and we are excited to join them to bring our customers even more innovative and advanced solutions,” said Maria C. Izurieta, acting chief executive officer and chief financial officer of Wireless Matrix, “and our customers will benefit from the breadth and depth of CalAmp’s product offerings that deliver data, voice and video for critical networked communications and other applications.”
