Sunday, August 25, 2013

Qualcomm to Sell its Omnitracs Logistics Business for $800M

Qualcomm agreed to sell its Omnitracs subsidiary to Vista Equity Partners for $800 million in cash.

The deal includes all of Omnitracs operations in the United States, Canada and Latin America, including Sylectus and FleetRisk Advisors, which were acquired by Omnitracs in 2011.


“In the late 1980’s, Qualcomm pioneered the use of commercial vehicle telematics with the introduction of the first mobile information system for transportation and logistics. As one of Qualcomm’s earliest businesses, Omintracs has maintained a leadership position within the industry for 25 years. Today, the opportunity for fleet management and telematics is evolving rapidly, and we believe Omnitracs is well positioned to continue its leadership position as a stand-alone entity,” said Derek Aberle, executive vice president and group president, Qualcomm Incorporated. “Vista’s long-term investment focus and experience helping software, data and technology-enabled businesses drive growth and leadership positions is a great fit for the Omnitracs business and management team. We look forward to witnessing their continued success together.”

“We are long-term investors in enterprise software, data and technology-enabled businesses that are committed to being leaders in their fields,” said Robert Smith, chief executive officer and founder of Vista Equity Partners. “We are impressed with the compelling value proposition Omnitracs’ products and services offer their customers. We look forward to working with them and helping them to reach their full potential.”

http://www.qualcomm.com



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