“Now we are understaffed and have laid off a couple of people that have really key, historical knowledge of the products. … It has become a really toxic strategy,” says a source inside Omnitracs.
A source says up to 35% of the workforce is being let go by parent company Solera in a massive restructuring plan to relocate positions to India.
Earlier this year, Vista Equity Partners was rumored to be combining the three companies within its portfolio to go public through the blank-check firm Apollo Strategic Growth Capital.
This deal would have been Vista’s fourth attempt to exit its investment with transportation telematics provider Omnitracs, along with a second attempt to merge with the firm’s portfolio company, Solera, an automotive and insurance software company.
The SPAC combination would be at least the fourth time Vista has tried to exit its investment in Omnitracs.
In a lawsuit filed this week, Omnitracs claims that Platform Science has built technologies, including its Connected Vehicle Platform, based on patents owned by Omnitracs
A Solera board member alleges that in 2017 Vista tried to force it to buy another portfolio company, Omnitracs.
