CalAmp Expands Portfolio with Acquisition of Synovia
INDIANAPOLIS - CalAmp (Nasdaq: CAMP) has announced its acquisition of Indianapolis-based Synovia Solutions, a fleet safety and management service for K-12 school bus and local government fleets. The company acquired Synovia for $50 million in cash.
Through Synovia, CalAmp aims to expand its fleet management and vehicle safety services portfolio to serve more than 125,000 additional vehicles and increases its reach to a daily average of 300,000 students and parents who currently use Synovia's Here Comes The Bus smartphone application.
"This acquisition brings high-value, low-churn subscribers that are expected to bolster our recurring revenue from software and services to more than 30 percent of consolidated revenue and expands our market reach within municipalities to accelerate our leadership in the global connected vehicle economy." said Michael Burdiek, president and chief executive officer of CalAmp, in a news release.