Vehicle intelligence company Spireon acquired technology solutions provider CalAmp Corp’s CAMP LoJack U.S. Stolen Vehicle Recovery (SVR) business. The financial terms of the transaction were not disclosed.
- The integration of the LoJack U.S. business boosted Spireon’s position as the provider of aftermarket telematics for automotive dealers while supporting CalAmp’s focus on its strategic global software-as-a-service (SaaS) initiatives.
- The combination created a powerful platform for continued innovation for auto dealers and consumers, as per Spireon CEO Kevin Weiss.
- Spireon enabled CalAmp to seamlessly transition customers to a leading provider of aftermarket GPS and sensor-based telematics, as per CalAmp CEO Jeff Gardner.
- CalAmp would continue to expand LoJack International, which operated as a subscription-based SaaS business. CalAmp would also retain ownership of the LoJack patents and trademarks.
- CalAmp cash and cash equivalents amounted to $91.7 million as of November 30, 2020.
- Price action: CAMP shares traded higher by 7.68% at $12.76 in the premarket session on the last check Tuesday.
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