New Jersey-based PowerFleet, Inc., formerly I.D. Systems, announced on October 3 that it has completed its acquisition of Pointer Telocation and will commence trading on the Nasdaq Global Market today (NASDAQ: PWFL) and will start trading on the Tel Aviv Stock Exchange (TASE: PWFL) beginning October 6.
With the acquisition of Pointer Telocation, PowerFleet will be a global provider of wireless subscription-based Internet of Things (IoT) technology and Machine to Machine (M2M) solutions for the logistics, industrial vehicle and fleet management markets.
The acquisition of Israeli-based Pointer Telocation for $140 million in cash and stocks was announced in March. The deal received stockholder approval in late August.
Under the newly created holding company structure, I.D. Systems and Pointer are wholly owned subsidiaries of PowerFleet. Combined, the company is projected to have 500,000 subscribers, 1,500 customers worldwide and around $150 million in revenue in 2020. The company has 950 employees worldwide and sales representation on all seven continents, according to PowerFleet.
“This transformation is directly in line with our core mission, which is to provide our customers with powerful products and services that help them meet their customers’ needs and grow their businesses,” said Chris Wolfe, chief executive of PowerFleet.
The company’s new structure will include three brands with PowerFleet serving as the primary brand in North America, while Pointer Telocation and Cellocator will remain the primary brands sold internationally, PowerFleet said in its release.
“Our vision is to help our customers revolutionize their businesses with industry-changing solutions,” Wolfe told FreightWaves.
PowerFleet uses its IoT and M2M solutions to secure, control, track and manage high-value enterprise assets such as industrial trucks, tractor-trailers, containers, cargo as well as vehicle and truck fleets, the company said.
“Our strategic roadmap and platforms allow us to connect the dots of the supply chain,” Wolfe told FreightWaves. “This will allow our customers to figuratively and visually see their entire operations and use our analytics and machine learning to optimize their operations to increase velocity safely.”