I.D. Systems Secures $2.4 Million in VMS Orders During December 2015
WOODCLIFF LAKE, N.J., Jan. 05, 2016 (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (NASDAQ: IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, secured $2.4 million in orders for its industry-leading PowerFleet® wireless industrial Vehicle Management System (VMS) in December 2015.
The purchase orders were from a broad range of new and existing end customers. Under the terms of the collective series of contracts, I.D. Systems will deliver its latest-generation VAC4 and third-generation VAC3 VMS products. In addition to recognizing upfront product sales, I.D. Systems expects to generate predictable, recurring revenue over a multi-year period from its post-deployment hosting and support services.
"December marked our highest month of VMS sales this year," said I.D. Systems chairman and CEO, Kenneth Ehrman. "This achievement reflects the increasing demand for our innovative and field-proven solutions, as well as the growth of the VMS market for tracking and managing industrial trucks. We continue to establish I.D. Systems' technology as the global industry-leading standard for enhancing safety and improving productivity of industrial assets.
"The orders demonstrate the initial effectiveness of our go-to-market strategy focused on direct sales to enterprise customers, while transferring smaller sales and support services to our channel partners, including Raymond Corporation and Toyota Industrial Equipment, as well as several independent forklift dealers. This approach has allowed us to more efficiently and profitability sell and service our enterprise customers.
"Approximately 25% of our VMS sales in December were derived from our channel partners. A key to our success going forward is further strengthening our relationships with our strategic channel partners, like Toyota and Raymond, as well as adding new partners to our network. These relationships have become an integral part of our differentiated strategy to capture market share and drive revenue growth."
"Building on the investments we made in 2015, our company enters the New Year with a considerably expanded and enhanced product portfolio, order pipeline, and sales channel network—ingredients to our short and long-term success," continued Ehrman. "Altogether, we believe we are well positioned to take advantage of these opportunities throughout 2016 and beyond. Our array of best-in-class products, streamlined financial structure, and resellers are necessary to profitably serve this large, growing market for industrial and commercial vehicle management systems."
About Wireless Vehicle Management Systems
Vehicle Management Systems (VMS) help improve workplace safety and security by restricting vehicle access to trained, authorized operators, providing electronic vehicle inspection checklists, and sensing vehicle impacts. A wireless VMS also helps reduce fleet maintenance costs by automatically uploading vehicle data, reporting vehicle problems electronically, scheduling maintenance according to actual usage rather than by calendar time, and helping determine the optimal economic time to replace equipment. In addition, a wireless VMS helps improve supply chain productivity by establishing accountability for the use of equipment, ensuring equipment is in the proper place at the right time, streamlining material handling work flow, and providing unique metrics on equipment utilization.
About I.D. Systems, Inc.
Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Texas, Germany, and the United Kingdom, I.D. Systems is a leading global provider of wireless solutions for securing, controlling, tracking, and managing high-value enterprise assets, including industrial vehicles, rental cars, trailers, containers, and cargo. The company's patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. For more information, visit www.id-systems.com.