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CalAmp Corp Announces Definitive Agreement To Acquire Operations Of Wireless Matrix Corporation


Thursday, 20 Dec 2012 04:01pm EST 

CalAmp Corp announced that it has signed a definitive agreement to acquire the operations of Wireless Matrix Corporation, a Herndon-Virginia-based wireless data communications solutions company. CalAmp expects to leverage Wireless Matrix's mobile workforce management and asset tracking applications for customers in its core verticals, while also expanding its turnkey offerings to address new markets. The definitive agreement provides that CalAmp will acquire the U.S subsidiary of Wireless Matrix, which conducts all of their operations, for a cash payment of $53 million. As part of the assets to be acquired, CalAmp expects to receive cash in the estimated amount of $5 million. CalAmp plans to fund the purchase from the proceeds of an equity offering of approximately $35 million, bank debt and on-hand cash. The transaction is expected to be completed in March 2013. 

Company Quote

0.59
-0.01 -1.67%
14 Mar 2013