Spireon Acquires CalAmp's LoJack® U.S. Stolen Vehicle Recovery Business
IRVINE, Calif. - CalAmp (Nasdaq: CAMP), a global technology solutions pioneer transforming the mobile connected economy, and Spireon, the vehicle intelligence company, today announced that Spireon has acquired the LoJack® U.S. Stolen Vehicle Recovery (SVR) business from CalAmp. The integration of the LoJack U.S. business bolsters Spireon's position as the leading provider of aftermarket telematics for automotive dealers, while supporting CalAmp's focus on its strategic global software-as-a-service (SaaS) initiatives.
"Spireon's decision to acquire the LoJack U.S. business reinforces our longstanding commitment to deliver 24—7 asset visibility and actionable insights that boost profits, protect assets and increase safety and productivity," stated Kevin Weiss, CEO of Spireon. "The combination of LoJack's brand equity with Spireon's modern technology and award-winning customer service and support creates a powerful platform for continued innovation for current and future auto dealers and consumers."
With Spireon's Kahu® connected car technology, auto dealers realize a host of benefits including a profit center, improved customer experience, superior service retention, optimized lot management, and accelerated stolen vehicle recovery. The Kahu consumer app allows dealers to stay connected to customers after the sale and grow service revenue, with features including automated push notifications, click-to-call scheduling, and direct links back to the dealer's website.
"On the heels of our previous plans to wind down the LoJack U.S. business, the opportunity with Spireon allows us to seamlessly transition customers to a leading provider of aftermarket GPS and sensor-based telematics," said Jeff Gardner, CalAmp president and CEO. "Aligned with the commitment we made to customers in December as well as to public safety, we have entered into a cooperative service arrangement with Spireon for a defined time period to ensure the uninterrupted quality of service during the transition that customers have come to expect from the LoJack brand. Spireon's expertise and track record of success in delivering best-in-class connected car and stolen vehicle recovery technology make it the ideal company to steward the future of the LoJack U.S. business. The deal also supports the achievement of CalAmp's financial objectives and helps to further accelerate our transformation to a global SaaS solutions provider."
CalAmp will retain and continue to expand LoJack International, which operates as a subscription-based SaaS business, and CalAmp will also retain ownership of the LoJack patents and trademarks.
"We're excited to have LoJack users join nearly 4 million active subscribers from over 20,000 current Spireon customers," noted Brian Skutta, Spireon president of automotive. "We're confident they will value our comprehensive solution capabilities that go beyond stolen vehicle recovery to include lot management, F&I profit growth, and customer retention."