Omnitracs Completes Acquisition of XRS Corporation
Acquisition Strengthens Omnitracs' Position as a Transportation Technology Leader
SAN DIEGO, Nov. 3, 2014 /PRNewswire/ -- Omnitracs LLC, a leading provider of fleet management solutions to transportation and logistics companies, announced today that is has completed the acquisition of XRS Corporation (NASDAQ: XRSC) for approximately $178 million. XRS is a leading provider of mobile-based solutions that enable trucking companies to manage fleets, comply with regulations, and reduce operating costs.
Omnitracs acquired XRS to strengthen its core technology portfolio, adding complementary solutions designed to help fleets solve critical business problems. The combined company will continue to deliver transportation management products and services that empower fleets to control virtually every aspect of their business, from improving safety to complying with industry regulations to enhancing productivity and profitability.
"This acquisition exemplifies Omnitracs' commitment to delivering solutions that translate into real value and a true competitive advantage for customers," said John Graham, CEO of Omnitracs. "By integrating XRS into the Omnitracs portfolio of businesses, we can now offer fleets an extended array of industry-leading solutions, helping fleets make intelligent decisions that positively impact all aspects of their operations."
Together, Omnitracs and XRS will provide end-to-end fleet management solutions to more than 30,000 customers with nearly 1,000,000 mobile assets in 63 countries.
About Omnitracs, LLC
Omnitracs, LLC and its subsidiaries are the leading providers of fleet management, routing and predictive analytics solutions for private and for-hire fleets. Omnitracs' more than 800 employees deliver software-as-a-service-based solutions to help more than 30,000 private and for-hire fleet customers manage nearly 1,000,000 mobile assets in more than 60 countries. The company pioneered the use of commercial vehicle telematics over 25 years ago and today its intuitive technologies, including solutions for safety and compliance, fuel efficiency, driver retention, fleet productivity, GPS fleet tracking, route planning, scheduling, and fleet maintenance, enable customers to solve common fleet problems and achieve their business objectives. Omnitracs subsidiaries include Roadnet Technologies, Sylectus, and Omnitracs Analytics (formerly FleetRisk Advisors). Omnitracs is part of the Vista Equity Partners portfolio of companies. For more information, please visit www.omnitracs.com.
About XRS Corporation
XRS Corporation delivers fleet management and compliance software solutions to the trucking industry to help maintain regulatory compliance and reduce operating costs. XRS Corporation is leading the trucking industry's migration to mobile devices for collecting and analyzing compliance and management data. Its mobile solutions have no upfront hardware costs and run on smartphones, tablets and rugged handhelds. XRS Corporation has sales and distribution partnerships with the major wireless carriers supporting the U.S. and Canadian trucking industries. For more information, visit xrscorp.com or call 1-800-745-9282.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based private equity firm with offices in Austin, Chicago and San Francisco, with approximately $14 billion in cumulative capital commitments, currently invests in dynamic, successful software, data and technology-enabled organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.
Forward Looking Statements
Statements in this press release that relate to future results and events are forward-looking statements made within the meaning of Section 21E of the Securities Exchange Act of 1934 based on XRS's current expectations regarding the proposed transaction. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including the possibility that expected benefits may not materialize as expected and other risks that are described in XRS's Annual Report on Form 10-K for the fiscal year ended September 30, 2013 and in its subsequently filed SEC reports. XRS does not undertake any obligation to update these forward-looking statements except to the extent otherwise required by law.
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SOURCE Omnitracs
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