ORBCOMM Acquires inthinc, Inc.
June 12 2017 - 8:30AM
Business Wire
Accelerates ORBCOMM’s entry into the fleet
management market by adding best-in-class vehicle telematics and
driver safety solutions to its IoT product offering
ORBCOMM Inc. (Nasdaq:ORBC), a leading global provider of
Machine-to-Machine (M2M) and Internet of Things (IoT) solutions,
announced today that it has acquired the assets of inthinc, Inc.
Based in Salt Lake City, UT, inthinc provides best-in-class fleet
management and driver safety solutions to a broad range of
industrial enterprises. inthinc’s vehicle telematics solutions are
focused on improving driver safety, operational efficiency,
regulatory compliance and workforce optimization through the
two-way integration of in-vehicle devices, smart mobile devices,
web applications and data management services.
A long-time customer of ORBCOMM’s wireless data services,
inthinc provides its fleet management solutions to more than 100
enterprises and industrial companies around the world, who operate
large commercial vehicle fleets. In addition, inthinc offers
solutions that support the emerging ELD Mandate regulations from
the Federal Motor Carrier Safety Administration, which will require
companies to replace drivers’ paper log-books with electronic
“Hours of Service” applications in late 2017. The company also has
a strong market presence with energy companies, who use inthinc’s
solutions to manage driver behavior and vehicles serving the North
American exploration and production market. Through the acquisition
of inthinc, ORBCOMM will expand inthinc’s core telematics services
to its existing transportation and heavy equipment markets and
broaden inthinc’s global footprint through its widespread
distribution channels.
Although the majority of inthinc’s customers are based in the
United States, inthinc also serves customers in Argentina,
Australia, Canada, Chile, Columbia, the Dominican Republic, Mexico,
Papua New Guinea, Peru, Romania, South Africa, and Tanzania. Many
of inthinc’s customers operate in remote regions supporting
industrial facilities, which makes its dual-mode satellite and
cellular product offerings extremely valuable by providing
immediate verbal feedback and coaching for drivers as well as
driver performance metrics regarding safety and speed limit
compliance. Customers who use inthinc’s solutions experience
significant reductions in accidents as well as ROI-based savings in
vehicle performance, fuel management and maintenance.
“With a superior portfolio of telematics solutions, inthinc
provides a solid entry point for ORBCOMM into the vehicle fleet
management market. inthinc’s offering complements and strengthens
our existing transportation and heavy equipment product portfolio,
allowing our customers to access a broader set of asset monitoring
solutions,” said Marc Eisenberg, ORBCOMM’s Chief Executive Officer.
“By adding incremental vertical markets and telematics
capabilities, the acquisition of inthinc further solidifies
ORBCOMM’s position as a leading full-service solution provider in
the industrial Internet of Things.”
“We believe the increased scale in customer service,
installation, engineering, sales, marketing, operations, and supply
chain that ORBCOMM offers to inthinc will support our immediate
growth objectives. We look forward to leveraging ORBCOMM’s strong
brand equity and global distribution network to accelerate the
adoption of inthinc’s safety mentoring solution, which has produced
dramatic safety improvements for inthinc’s global customers over
the last 10 years,” said Todd Follmer of inthinc, Inc., who is
joining ORBCOMM as Senior Vice President of Fleet Management. “This
powerful combination of synergies and advanced technology will
better enable us to meet our customers’ fleet safety and efficiency
goals and deliver our industry-leading products to a more diverse
customer base around the world.”
ORBCOMM was advised by Raymond James on this transaction.
About ORBCOMM Inc.
ORBCOMM (Nasdaq: ORBC) is a global leader and innovator in the
industrial Internet of Things, providing solutions that connect
businesses to their assets to deliver increased visibility and
operational efficiency. The company offers a broad set of asset
monitoring and control solutions, including seamless satellite and
cellular connectivity, unique hardware and powerful applications,
all backed by end-to-end customer support, from installation to
deployment to customer care. ORBCOMM has a diverse customer base
including premier OEMs, solutions customers and channel partners
spanning transportation, supply chain, warehousing and inventory,
heavy equipment, maritime, natural resources, and government. For
more information, visit www.orbcomm.com.
Forward-Looking Statements
Certain statements discussed in this press release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements generally relate to our plans, objectives and
expectations for future events and include statements about our
expectations, beliefs, plans, objectives, intentions, assumptions
and other statements that are not historical facts. Such
forward-looking statements, including those concerning the
Company’s expectations, are subject to known and unknown risks and
uncertainties, which could cause actual results to differ
materially from the results, projected, expected or implied by the
forward-looking statements, some of which are beyond the Company’s
control, that may cause the Company’s actual results, performance
or achievements, or industry results, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. In addition, specific
consideration should be given to various factors described in Part
I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations,” and elsewhere in our Annual Report on Form 10-K, and
other documents, on file with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly revise
any forward-looking statements or cautionary factors, except as
required by law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170612005383/en/
ORBCOMM Inc.For Investors:Michelle Ferris,
+1-703-433-6516Director of Corporate
Communicationsferris.michelle@orbcomm.comorFor Trade
Media:Sue Rutherford, +1-613-254-5269VP of
Marketingrutherford.sue@orbcomm.com
ORBCOMM (NASDAQ:ORBC)
Historical Stock Chart
From Aug 2024 to Sep 2024
ORBCOMM (NASDAQ:ORBC)
Historical Stock Chart
From Sep 2023 to Sep 2024