SPY415.87+4.42 1.07%
DIA340.44+2.91 0.86%
IXIC14,038.76+180.92 1.31%

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

Vehicle intelligence company Spireon acquired technology solutions provider CalAmp Corp’

· 03/16/2021 08:55

Vehicle intelligence company Spireon acquired technology solutions provider CalAmp Corp’s (NASDAQ: 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.