Imarda has bought local telematcis hardware company Prolificx in a stock-swap deal worth $8 million.
Prolificx was established in 2001 and designs and manufactures in-vehicle communications, location tracking and computing platforms. It claims over 35,000 units already deployed in fleets around the world, including the Bell Canada fleet. Prolificx also supplies devices to customers through its partnership with the telematics division of Oracle.
Selwyn Pellett, Imarda's executive chairman, says the acquisition is part of a strategy to acquire world-leading telematics companies.
“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 in a statement released today.
Evelyn Seewald, CEO of Prolificx, says “the acquisition by Imarda is fantastic from a working capital perspective as it allows us to expand our current team with confidence to meet this rapidly growing market and will ultimately deliver a lot of new customers.”
Earleir this month Imarda acquired Australian telematics company SmartTrack.