CalAmp to Acquire LoJack Corp.
CalAmp is acquiring LoJack Corporation to position itself as a lead provider in connected car solutions and vehicle telematics applications, the Oxnard, Calif. company announced.
The combined company will offer customers access to integrated, turnkey offerings that enable a multitude of high value applications encompassing vehicle security and enhanced driver safety, according to CalAmp.
"The acquisition of LoJack aligns with our strategy to deliver innovative, next generation connected vehicle telematics technologies, thereby accelerating our roadmap in these large and fast growing markets, while creating value for our customers, partners and shareholders," said Michael Burdiek, CalAmp's president and chief executive. "By combining with LoJack, we expect to enhance our ability to deliver connected vehicle telematics technologies and applications to our global customers.
Additionally, the company will increase its presence in such markets as retail auto dealers.The combination of CalAmp's and LoJack's technology offerings is expected to provide global customers with connected vehicle applications to help ensure that retail auto dealers remain competitive and relevant in today's rapidly evolving markets.
The combination builds on both companies' strengths and is expected to accelerate the broad adoption of vehicle telematics technologies and applications.