I.D. Systems and Pointer Telocation have entered into a definitive agreement whereby I.D. Systems will acquire all of the outstanding shares of Pointer in a cash and stock transaction valued at approximately $140 million. The Company will be rebranded PowerFleet, Inc.
I.D. Systems is known to a provider of enterprise asset management and Industrial Internet of Things (IoT) technology. It is an American company headquartered in Woodcliff Lake, New Jersey.
Pointer Telocation is Israel based provider of telematics and mobile IoT solutions. The company provides innovative telematics and mobile IoT solutions to the automotive, insurance and logistics (cargo, assets and containers) industries.
Its cloud-based software-as-a-service (SaaS) platform, which has substantial subscriber base, extracts and captures data from an organization’s mission critical mobility points, including drivers, routes, points-of-interest, logistics network, vehicles, trailers, containers and cargo. Pointer’s platform then analyzes and converts this data into actionable intelligence optimizing customers’ assets and improving profitability. According to the company, its technology is currently deployed in approximately three million light and heavy commercial vehicles across 80 countries.
Other details of the acquisition:
• Creates Leading, Global IoT Telematics Software and Solutions Company to be Rebranded PowerFleet, Inc.
• Combined Company with 500,000+ Monthly Subscribers at Closing and Expected 600,000+ Subscribers by End of 2019
• Combination Provides Significant Operational Synergies and Financial Scale with $131 Million of Total Revenue, including $72 Million of High-Margin Recurring Solutions and Services Revenue in 2018
• Company Also Secures $50 Million Strategic Growth Equity Investment from Abry Partners
Source: Press Release