Technology company CalAmp has bought Tracker for some $13 million (£10m).
The new owners say the tracking and telematics business will be aligned with its Italian operation, LoJack Italia, helping to drive CalAmp’s European expansion by supporting key customer opportunities on a pan-European basis.
“We’re excited about the opportunity to increase our base of subscribers in the growing UK and European telematics market and broader European connected economy,” said Greig Hilton, managing director at Tracker.
“We see joining the CalAmp team as a natural progression to facilitate that opportunity.”
Today, the business has more than one million systems fitted to vehicles including passenger cars, motorcycles, HGVs, LCVs and plant and construction equipment.
Working with the police, it has also recovered more than £534m worth of stolen vehicles and continues to recover on average £1m.
The Tracker acquisition comes as CalAmp also agreed to acquire Car Track, the exclusive licensee of LoJack technology for the Mexican market.
Car Track will leverage CalAmp’s full stack of telematics and software-as-a-service (SaaS) solutions to expand product offerings to its substantial subscriber base as well as serve auto dealers and OEMs, insurance providers and leasing companies throughout Mexico.
The agreement is to purchase the 87.5% of the Car Track shares not currently owned by CalAmp for a purchase price, net of cash on hand, of approximately $13m.
The LoJack Mexico brand was launched in Mexico by Car Mart Comunicaciones, a subsidiary of Car Track, in 1998 and quickly established itself as a recognised market leader in stolen vehicle recovery (SVR) by working closely with local law enforcement agencies in major cities throughout Mexico.
“With car theft running at an all-time high in Mexico and only 40% of the vehicle population covered by insurance, the demand for LoJack’s services has never been greater,” said José Antonio Ocejo Gutiérrez, founder and CEO for Car Track.
“We have built a profitable business and world-class brand with strong channels and customer relationships. With CalAmp’s expertise in telematics and advanced connected vehicle technology, Car Track’s prospects for growth are exciting and will strengthen its competitive position and extend the LoJack brand into the future.”
The Tracker acquisition has closed and the Car Track acquisition is expected to close in March.