CalAmp Completes Wireless Matrix Acquisition (3/4/13)
CalAmp completed the previously announced acquisition of the operations of Wireless Matrix. The acquisition will enable CalAmp to expand its product and service offerings within core vertical markets, company executives said.
The purchase price was $52.9 million paid in cash at closing. The assets acquired by CalAmp included cash of about $6 million. CalAmp funded the purchase price primarily from the net proceeds of its recent equity offering of about $45 million.
"The Wireless Matrix acquisition is a foundational component of our long-term growth strategy, positioning CalAmp as the leading provider of integrated hardware and software solutions within our core verticals, while expanding our market opportunity to address new applications with major global enterprise customers,” said Michael Burdiek, CalAmp president and CEO. “It clearly enhances our competitive position in the both the near and longer term as it accelerates CalAmp's development roadmap and growth prospects."
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