IRVINE, Calif., March 16, 2021 /PRNewswire/
-- CalAmp (Nasdaq: CAMP), a global technology solutions
pioneer transforming the mobile connected economy, and Spireon, the
vehicle intelligence company, today announced that Spireon has
acquired the LoJack® U.S. Stolen Vehicle Recovery (SVR)
business from CalAmp. The integration of the LoJack U.S. business
bolsters Spireon's position as the leading provider of aftermarket
telematics for automotive dealers, while supporting CalAmp's focus
on its strategic global software-as-a-service (SaaS)
initiatives.
"Spireon's decision to acquire the LoJack U.S. business
reinforces our longstanding commitment to deliver 24×7 asset
visibility and actionable insights that boost profits, protect
assets and increase safety and productivity," stated Kevin Weiss, CEO of Spireon. "The combination of
LoJack's brand equity with Spireon's modern technology and
award-winning customer service and support creates a powerful
platform for continued innovation for current and future auto
dealers and consumers."
With Spireon's Kahu® connected car technology,
auto dealers realize a host of benefits including a profit center,
improved customer experience, superior service retention, optimized
lot management, and accelerated stolen vehicle recovery. The Kahu
consumer app allows dealers to stay connected to customers after
the sale and grow service revenue, with features including
automated push notifications, click-to-call scheduling, and direct
links back to the dealer's website.
"On the heels of our previous plans to wind down the LoJack U.S.
business, the opportunity with Spireon allows us to seamlessly
transition customers to a leading provider of aftermarket GPS and
sensor-based telematics," said Jeff
Gardner, CalAmp president and CEO. "Aligned with the
commitment we made to customers in December as well as to public
safety, we have entered into a cooperative service arrangement with
Spireon for a defined time period to ensure the uninterrupted
quality of service during the transition that customers have come
to expect from the LoJack brand. Spireon's expertise and track
record of success in delivering best-in-class connected car and
stolen vehicle recovery technology make it the ideal company to
steward the future of the LoJack U.S. business. The deal also
supports the achievement of CalAmp's financial objectives and helps
to further accelerate our transformation to a global SaaS solutions
provider."
CalAmp will retain and continue to expand LoJack International,
which operates as a subscription-based SaaS business, and CalAmp
will also retain ownership of the LoJack patents and
trademarks.
"We're excited to have LoJack users join nearly 4 million active
subscribers from over 20,000 current Spireon customers," noted
Brian Skutta, Spireon president of
automotive. "We're confident they will value our comprehensive
solution capabilities that go beyond stolen vehicle recovery to
include lot management, F&I profit growth, and customer
retention."
Additional details regarding the transaction will be disclosed
by CalAmp in an 8-K to be filed with the SEC as early as
Tuesday, March 16, 2021.
About Spireon
Spireon, the vehicle intelligence
company, is the leading provider of aftermarket telematics
solutions in North America. By
equipping cars, trucks, trailers and other mobile assets with GPS
devices and sensors, Spireon turns any vehicle into a connected
vehicle. Award-winning products GoldStar, Kahu
and FleetLocate deliver 24×7 asset visibility and
actionable insights to auto dealers, lenders, transportation
companies, service fleet managers, rental car companies and
consumers to increase safety and productivity, boost profits and
protect assets. Spireon's NSpire IoT platform powers all
Spireon solutions, supporting nearly 4 million active subscribers
and processing more than 1 billion data events each month. Learn
more at www.spireon.com.
About CalAmp
CalAmp (Nasdaq: CAMP) is a global
technology solutions pioneer transforming the mobile connected
economy. We help reinvent business and improve lives around the
globe with technology solutions that streamline complex mobile IoT
deployments and bring intelligence to the edge. Our software and
subscription-based services, scalable cloud platform and
intelligent devices collect and assess business-critical data from
mobile assets and their contents. We call this The New How,
facilitating efficient decision making, optimizing mobile asset
utilization and improving road safety. Headquartered in
Irvine, California, CalAmp has
been publicly traded since 1983 and has 20 million products
installed and over 1.3 million software and services subscribers
worldwide. LoJack®,
Tracker™ and Here Comes The
Bus® are CalAmp brands. For more
information, visit calamp.com, or LinkedIn, Facebook, Twitter,
YouTube or CalAmp Blog.
CalAmp, LoJack, TRACKER, Here Comes The Bus, Bus Guardian,
iOn Vision and associated logos are among the trademarks of CalAmp
and/or its affiliates in the United
States, certain other countries and/or the EU. Any other
trademarks or trade names mentioned are the property of their
respective owners.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains "forward-looking
statements" within the meaning of federal securities laws.
Words such as "expect" and "intend" and similar expressions
identify forward-looking statements, which include but are not
limited to statements related to CalAmp and its business; Spireon's
operation of the LoJack U.S. business subsequent to the close of
the proposed transaction. CalAmp cautions you that these
statements are not guarantees of future performance and are subject
to numerous evolving risks and uncertainties that neither CalAmp
nor Spireon may be able to accurately predict or assess, including
those in each of the risk factors that CalAmp has identified
in its most recent annual reports on Form 10-K for the year
ended February 29, 2020, and any updates thereto in each of
their respective quarterly reports on Form 10-Q and current reports
on Form 8-K. CalAmp cautions you not to place undue reliance
on the forward-looking statements included herein, which speak only
as of the date of this press release, and CalAmp undertakes no
obligation to update this information.
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SOURCE CalAmp