Omnitrac’s parent company signs deal to buy telematics giant
Solera Holdings, the parent company of Omnitracs, has agreed to acquire telematics giant Spireon from a fund managed by Greenbriar Equity Group. The companies, which did not disclose the terms of the acquisition, expect the deal to close during the first quarter.
Irvine, Calif.-based Spireon, which offers the FleetLocate trailer and asset tracking products, has more than 13,000 customers—with nearly 4 million connected devices that generate more than 900 billion data points on its platform.
“This acquisition is strategically aligned with our existing fleet and dealership growth strategies and will expand our customer base. It increases our total addressable market and adds significant opportunities for cross-selling and solution integration that benefit customers,” said Darko Dejanovic, Solera CEO, in a statement.
The deal signals another consolidation in fleet and asset management tech companies. This announcement comes less than a year after Solera purchased Omnitracs, which was spun out of Qualcomm [QCOM] in 2013. Other Spireon product lines include the North American operations of LoJack and Goldstar.
Kevin Weiss, Spireon’s CEO, said that Solera will bring new avenues to expand the company’s IoT platform and products to global markets.