SecureAlert snaps up Israeli GPS tracking specialist

Global tracking and electronic monitoring specialist SecureAlert is to acquire GPS Global Tracking & Surveillance System, an Israel-based satellite-based technology tracking company.
Under the share purchase agreement, SecureAlert will issue GPS…

Global tracking and electronic monitoring specialist SecureAlert is to acquire GPS Global Tracking & Surveillance System, an Israel-based satellite-based technology tracking company.

Under the share purchase agreement, SecureAlert will issue GPS Global’s sole owner, Eli Sabag, US$7.5m of new common stock.

In addition, SecureAlert will provide Sabag with a US$311,404 loan to be used to pay certain obligations related to GPS Global. The acquirer has also agreed to invest a further US$3m in GPS Global to facilitate the continuation of its product development business.

Founded in 2007, GPS Global has developed advanced technology and software for precise location, tracking, monitoring and surveillance technology solutions.

Commenting on the acquisition, SecureAlert chairman Guy Dubois said: “We evaluated many successful companies as acquisition candidates to launch our expansion strategy, which in turn will accelerate SecureAlert’s progress toward establishing a strong leadership position in the evolving electronic monitoring industry.

“GPS Global brings considerable and immediate value to SecureAlert by virtue of its seasoned management team, Israel-based R&D capabilities and extensive business connections across many international markets.”

Those R&D facilities are of particular value to SecureAlert and post closing the company plans to consolidate its R&D resources at GPS Global’s Israel facilities. To that end, SecureAlert will develop its next-generation product in the country.

Sabag will also remain in the group, spearheading SecureAlert’s business development in Europe, Asia and other markets outside the Americas.