A buying spree by telematics specialist, Imarda, shows no signs of slowing with the company announcing today its plans to acquire New Zealand firm, Prolificx.
The stock-swap deal, which is worth $7.59 million, comes hot on the heels of its recent purchase of Australian company, SmartTrack.
Imarda's cxecutive chairman, Selwyn Pellett, said the Prolificx acquisition is part of the company's ongoing strategy to acquire world-leading telematics companies but stressed the acquisition doesn't mean there will be changes at Prolificx.
"We have no intention of changing anything with Prolificx. They have already proven they are market leaders and all we want to do is support their current strategy," Pellett said.
"Prolificx offers a hardware platform that will enable us to take all our current and future acquisitions global and scale them profitably.
"The growth of the telematics industry to date has been held back by the proprietary nature of the devices that hardware manufacturers have been producing - they're hard to develop against, difficult to support, and not flexible enough to serve the needs of the market."
Pellett said this particular platform is the only product globally that come standard with both Satellite and GSM or CDMA capability.
He said it can access vehicle engine management data via automotive standard interfaces, and is certified to FCC, e-Mark and A-Tick standards.
Prolificx is also RoHS compliant and operates on the latest Windows Mobile architecture
"Prolificx has produced the Telematics equivalent of the mobile PC with all its associated benefits of simplicity, standardisation and flexibility", he said.
Established in 2001, Prolificx designs and manufactures high-end in-vehicle communications, location tracking and computing platforms.
There are more than 35,000 units already deployed in fleets around the world including Bell Canada and other well-known companies in the freight and telecommunications industries.
Prolificx also supplies devices to customers through its partnership with the telematics division of Oracle.
The platforms are used in a variety of telematics segments including emergency response vehicles, vehicle fleet tracking and management, security of delivery logistics operators, and fixed asset monitoring and management.
Prolificx CEO, Evelyn Seewald, said the acquisition by Imarda "is fantastic from a working capital perspective as it allows us to expand our current team with confidence".
Imarda Ltd was incorporated in Australia in May, 2007 and was formed by a group of private investors.