Monday, January 13, 2014

Qualcomm Sells Omnitracs Europe to Astrata

Qualcomm announced the sale of its Omnitracs Europe division to Astrata Group Private Limited.  Financial terms were not disclosed.

Omnitracs Europe specializes in commercial vehicle telematics for the trucking industry.

"The Omnitracs Europe name is synonymous with quality and customer service at the highest level," said George M. Kappaz, Chairman and CEO of Astrata, and Chairman of CIH International Group, the private equity group that owns Astrata. "We are excited to significantly expand Astrata's presence in Europe with the acquisition of Omnitracs Europe. With highly complementary geographic presences, the combined operations will truly have a global reach and in-house access to best-in-class technologies, enhancing our product and service offerings to our customers throughout the world."

In November 2013, Qualcomm completed the the sale of its Omnitracs subsidiary to Vista Equity Partners (Vista), a U.S.-based private equity firm, for approximately $800 million in cash.  The sale includes all of Omnitracs' operations in the United States, Canada and Latin America. The deal was first announced in August 2013.

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