Wireless Matrix USA, Inc. To Be Acquired By CalAmp Corp.
Summary
This acquisition will bring together two leaders in the wireless and GPS fleet tracking space, innovators who have already been working together for over two years, to create one of the largest mobile resource management companies in the industry. “I am confident that the combination of our businesses will accelerate growth beyond what either company would likely experience independently given the substantial synergies that exist, particularly in terms of product platforms, customers and channels,” said Michael Burdiek, president and chief executive officer of CalAmp. “I look forward to leveraging the strengths of our two companies in addressing the needs of the rapidly growing mobile resource management marketplace.” “We are extremely proud of the accomplishments our team has delivered in building a leading GPS fleet tracking applications suite and satellite communications offering over the past 20 years. We have been partners with CalAmp for the past several years and we are excited to join them to bring our customers even more innovative and advanced solutions,” said Maria C. Izurieta, acting chief executive officer and chief financial officer of Wireless Matrix, “and our customers will benefit from the breadth and depth of CalAmp’s product offerings that deliver data, voice and video for critical networked communications and other applications.” Canaccord Genuity has provided an opinion to the Board of Directors of Wireless Matrix to the effect that, as of such date and based upon and subject to the limitations and qualifications therein, the consideration payable to the Company under the transaction is fair, from a financial point of view, to the Company. In conjunction with the signing of this definitive agreement, Maria C. Izurieta, who had been serving as acting CEO in addition to her role as chief financial officer, has announced her intention to resign from the Company.