Trimble to Acquire PeopleNet to Expand its Presence in Growing Transportation and Logistics Market

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Jul 20, 2011, 08:45 ET

SUNNYVALE, Calif., July 20, 2011 /PRNewswire/ -- Trimble (NASDAQ: TRMB) announced today that it has signed an agreement to acquire privately-held PeopleNet, a leading provider of integrated onboard computing and mobile communications systems for effective fleet management. PeopleNet provides fleets with software and hardware solutions that help manage regulatory compliance, fuel costs, driver safety and customer visibility. The acquisition is expected to be immediately accretive upon close and will be reported in Trimble's Mobile Solutions segment. The transaction is expected to close in the third quarter of 2011, subject to customary closing conditions and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

"PeopleNet is a key step in Trimble's strategy for addressing the complex regulatory and operational demands of enterprise companies in the transportation and logistics (T&L) market," said Steven W. Berglund, Trimble's president and chief executive officer. "In combination with other recent initiatives, including the acquisitions of Punch Telematix and Tata Automotive Mobility Technologies, Trimble now offers a portfolio of proven solutions to a growing international customer base. These new initiatives are expected to contribute strong operating margins and high customer retention. PeopleNet's management and employees will be the core of our Americas T&L business and we expect to provide seamless continuity to existing PeopleNet customers."

"The PeopleNet management team is enthusiastic about joining Trimble," said Ron Konezny, founder and chief executive officer of PeopleNet. "Trimble provides PeopleNet with significant additional scope that will allow us to build on our tradition of customer-driven innovation, and expand delivery of products and services by improving the performance and functionality of our existing and future offerings. The combination of PeopleNet's product portfolio with Trimble's broad technology base will allow us to create unique solutions that will enable our customers to manage their most important assets. We are confident the acquisition is a great fit, and with the continuity of our people, culture, and commitment to customer focus, we will continue to deliver best-of-class products and services."

About PeopleNet

PeopleNet is exclusively focused on providing innovative Internet-based and integrated onboard computing and mobile communications systems to improve North America's fleet management. Its products are used by approximately 1,500 truckload, LTL, private, and regional fleets in the U.S. and Canada, including several Fortune 500 companies. Reputed for its customer-driven technological innovation, unparalleled flexibility, and proactive customer care, PeopleNet was the first major technology provider to offer Internet-based communications to the transportation industry 15 years ago. Industry recognition of the company's leadership includes: Frost & Sullivan New Product Innovation Award, Inbound Logistics Top 100 Award; Food Logistics' 100 Top Technology Solutions and Service Providers; Frost & Sullivan Market Engineering Award; and M2M Value Chain Award. For more information about PeopleNet and its products visit: www.peoplenetonline.com.

About Trimble

Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location: including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.

For more information visit: www.trimble.com.

This press release contains forward-looking statements regarding the business operations and prospects of Trimble and industry factors affecting it. These forward-looking statements are subject to change, and actual results may materially differ due to certain risks and uncertainties. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to (i) realizing the anticipated benefits of the acquisition of PeopleNet, (ii) successfully completing the acquisition of PeopleNet, (iii) Trimble's ability to successfully integrate PeopleNet's products and services and (iv) the risks and uncertainties associated with unexpected expenditures or assumed liabilities that may be incurred as a result of the acquisition and retaining key PeopleNet personnel and customers. Any failure to achieve predicted results could negatively impact Trimble's revenues, cash flow from operations, and other financial results. Trimble's financial results will also depend on a number of other factors, including the risks detailed from time to time in reports filed with the SEC, including its quarterly reports on Form 10-Q and its annual report on Form 10-K. Undue reliance should not be placed on any forward-looking statement contained herein, especially in light of greater uncertainty than normal in the economy in general. These statements reflect Trimble's position as of the date of this release. Trimble expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in Trimble's expectations or any change of events, conditions, or circumstances on which any such statement is based.

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SOURCE Trimble