Private equity firm Vista Equity Partners has completed its US$800m cash acquisition of Omnitracs, the former GPS tracking and telematics business of chipset maker Qualcomm. It has wasted little time in seeking to grow the business inorganically with…
Private equity firm Vista Equity Partners has completed its US$800m cash acquisition of Omnitracs, the former GPS tracking and telematics business of chipset maker Qualcomm.
It has wasted little time in seeking to grow the business inorganically with Ominitracs’ announcing that it has signed a definitive agreement to acquire fleet management software solutions firm Roadnet Technologies. Financials details were not disclosed.
Founded in 1983 and formerly a part of United Parcel Service (UPS), Roadnet provides fleet management and logistics software applications to private fleets. The company generates annual revenue of just over US$40m and has over 3,400 customer installations worldwide, managing more than 250,000 vehicles each day.
Robert Smith, chief executive of Vista, commented: “We look forward to partnering Omnitracs and Roadnet to form a fleet and mobile resource management platform that will deliver a broad array of best-of-breed solutions for their respective market segments while collaborating on a set of key growth initiatives.”
The Roadnet transaction is expected to close in December 2013. On completion, Roadnet will continue to operate independently as a separate division within Omnitracs.
As part of Veritas’ takeover, Omnitracs has appointed a new CEO in John Graham and a new CFO, Jordan Copland. Graham is joining from Intergraph Corporation, where he has served as president of the security, government and infrastructure division, a global business that provides geospatial, mobility and resource management technologies to both government and commercial industries. Copland, a former Naval Officer, joins from Harbor Freight Tools where he was also CFO.
