Fleet management system provider Omnitracs, has agreed to acquire competitor XRS Corporation. The deal will close for an estimated $178 million in equity value.
The merger will likely clear in the fourth quarter of 2014, XRS’s board unanimously approved the merger agreement.
“This agreement to purchase XRS represents another milestone in the renewed growth of Omnitracs and further demonstrates our continued commitment to retaining and advancing our position as the leading software provider within the transportation and logistics industry,” said John Graham, CEO of Omnitracs, reports Overdrive. “XRS has built a significant business focused on delivering transportation management solutions via mobile devices, and we believe this is a great addition to our suite of offerings.”
XRS mobile software systems help trucking companies comply with regulations and reduce costs by using technology to more efficiently manage their fleets. In 2011, XRS began a migration to mobile for its platform that allowed for the collecting and analyzing compliance and management data.
“The acquisition delivers an attractive premium for our shareholders, and for our employees and customers we are thrilled to become a key component of the broader Omnitracs portfolio,” said Jay Coughlan, chairman and CEO of XRS.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More