OXNARD, CA -- (Marketwired) -- 04/20/15 --
CalAmp Corp. (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, announced today that it has acquired privately held Crashboxx™, an early stage technology company focused on insurance telematics applications across the entire auto insurance lifecycle, from driver risk assessment through claims processing automation. Consideration for the acquisition was $1.5 million in upfront cash and future earn-out payments based on post-acquisition sales.
Commenting on the acquisition, Michael Burdiek, President and Chief Executive Officer of CalAmp, said, "I am pleased to announce the acquisition of Crashboxx. Their proprietary driver behavior, crash detection, crash notification and physical and bodily damage estimation technologies are extraordinarily unique within the emerging insurance telematics marketplace. Innovations including automated first notification of loss and near real time estimation of damages and bodily injury could drive significant business efficiencies and return on investment for both insurance carriers and fleet managers. Once fully commercialized, I believe that the Crashboxx technology will play a critical role in expanding CalAmp's growth prospects in this enormous and largely untapped market."
CalAmp (NASDAQ: CAMP) is a proven leader in providing wireless communications solutions to a broad array of vertical market applications and customers. CalAmp's extensive portfolio of intelligent communications devices, robust and scalable cloud service platform, and targeted software applications streamline otherwise complex Machine-to-Machine (M2M) deployments. These solutions enable customers to optimize their operations by collecting, monitoring and efficiently reporting business critical data and desired intelligence from high-value remote assets. For more information, please visit http://www.calamp.com/.
Statements in this press release that are not historical in nature are forward-looking statements, which involve known and unknown risks and uncertainties. Words such as "may," "will," "expects," "intends," "plans," "believes," "seeks," "could," "estimate" and variations of these words and similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including general and industry economic conditions, competition, development factors, operating costs, the risk that Crashboxx's business will not be successfully integrated with CalAmp's business or complement its products, and other risks and uncertainties that are detailed from time to time in the Company's filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
AT THE COMPANY:
SVP, Corporate Development
AT ADDO COMMUNICATIONS:
Source: CalAmp Corp.