CalAmp acquires LoJack Corporation for estimated $134 million
When organizations consult with an experienced M&A advisor, they can strike major deals that could not have been closed on their own. A good deal ensures a smooth transition for employees and company processes. When a deal is unanimously approved by both parties' Board of Directors, as was the case for CalAmp and LoJack Corporation, it allows these combined companies to build upon each others' strengths, accelerating market growth.
Recently, a main provider of wireless products, services and solutions, CalAmp, agreed to purchase outstanding shares of LoJack, a supplier of vehicle theft recovery systems and advanced fleet management solutions, at $6.45 a share, in a deal valued at $134 million.
Through this deal, both companies will benefit from each others' expertise, such as LoJack's widely respected brand name and solutions and CalAmp's vast portfolio of services, software, applications and devices in wireless connectivity. The newly combined company will be able to broaden its expansive market reach in a quickly changing and competitive business sector.
According to a StreetInsider special report, LoJack President and Chief Executive Officer Randy Ortiz was reassured that CalAmp recognizes LoJack's 30 years of experience in the field of theft recovery solutions. Furthermore, Ortiz explained that this acquisition will allow the company to expand its existing processes and foundational solutions to meet a wider variety of customer needs.
"We look forward to working with the CalAmp team to ensure a smooth transition and accelerate the strategic initiatives already underway at LoJack as we take our great brand into the future," Ortiz said.
CalAmp President and Chief Executive Officer Michael Burdiek noted that this acquisition furthers the company's goal to provide innovative vehicle telematic technologies, thus propelling its market growth and improving its value among its partners, consumers and shareholders.
"By combining with LoJack, we expect to enhance our ability to deliver novel connected vehicle telematics technologies and applications to our global customers," Burdiek said. "Moreover, we believe that LoJack's considerable relationships, particularly in the U.S. auto dealer channel, as well as in the commercial space with heavy equipment providers and their international licensee footprint, will create new opportunities for growth and strengthen our competitive position. We are excited to welcome LoJack's talented team to CalAmp and look forward to realizing the benefits that we expect this transaction to create."
For companies looking to pursue a merger or acquisition, consult an M&A advisor today. With expert assistance, your company ensure a deal that exceeds its projected growth goals. Contact us today to see how your company can benefit from a partnership with our skilled team of professionals.