Spireon Acquires CalAmp's US Stolen Vehicle Recovery Business For Undisclosed Sum

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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