Accelerates ORBCOMM’s entry into the fleet management market by
adding best-in-class vehicle telematics and driver safety solutions to
its IoT product offering
ROCHELLE PARK, N.J.--(BUSINESS WIRE)--Jun. 12, 2017--
ORBCOMM Inc. (Nasdaq:ORBC), a leading global provider of
Machine-to-Machine (M2M) and Internet of Things (IoT) solutions,
announced today that it has acquired the assets of inthinc, Inc. Based
in Salt Lake City, UT, inthinc provides best-in-class fleet management
and driver safety solutions to a broad range of industrial enterprises.
inthinc’s vehicle telematics solutions are focused on improving driver
safety, operational efficiency, regulatory compliance and workforce
optimization through the two-way integration of in-vehicle devices,
smart mobile devices, web applications and data management services.
A long-time customer of ORBCOMM’s wireless
data services, inthinc provides its fleet management solutions to
more than 100 enterprises and industrial companies around the world, who
operate large commercial vehicle fleets. In addition, inthinc offers
solutions that support the emerging ELD Mandate regulations from the
Federal Motor Carrier Safety Administration, which will require
companies to replace drivers’ paper log-books with electronic “Hours of
Service” applications in late 2017. The company also has a strong market
presence with energy companies, who use inthinc’s solutions to manage
driver behavior and vehicles serving the North American exploration and
production market. Through the acquisition of inthinc, ORBCOMM will
expand inthinc’s core telematics services to its existing transportation
and heavy equipment markets and broaden inthinc’s global footprint
through its widespread distribution channels.
Although the majority of inthinc’s customers are based in the United
States, inthinc also serves customers in Argentina, Australia, Canada,
Chile, Columbia, the Dominican Republic, Mexico, Papua New Guinea, Peru,
Romania, South Africa, and Tanzania. Many of inthinc’s customers operate
in remote regions supporting industrial facilities, which makes its
dual-mode satellite and cellular product offerings extremely valuable by
providing immediate verbal feedback and coaching for drivers as well as
driver performance metrics regarding safety and speed limit compliance.
Customers who use inthinc’s solutions experience significant reductions
in accidents as well as ROI-based savings in vehicle performance, fuel
management and maintenance.
“With a superior portfolio of telematics solutions, inthinc provides a
solid entry point for ORBCOMM into the vehicle fleet management market.
inthinc’s offering complements and strengthens our existing
transportation and heavy equipment product portfolio, allowing our
customers to access a broader set of asset monitoring solutions,” said
Marc Eisenberg, ORBCOMM’s Chief Executive Officer. “By adding
incremental vertical markets and telematics capabilities, the
acquisition of inthinc further solidifies ORBCOMM’s position as a
leading full-service solution provider in the industrial Internet of
Things.”
“We believe the increased scale in customer service, installation,
engineering, sales, marketing, operations, and supply chain that ORBCOMM
offers to inthinc will support our immediate growth objectives. We look
forward to leveraging ORBCOMM’s strong brand equity and global
distribution network to accelerate the adoption of inthinc’s safety
mentoring solution, which has produced dramatic safety improvements for
inthinc’s global customers over the last 10 years,” said Todd Follmer of
inthinc, Inc., who is joining ORBCOMM as Senior Vice President of Fleet
Management. “This powerful combination of synergies and advanced
technology will better enable us to meet our customers’ fleet safety and
efficiency goals and deliver our industry-leading products to a more
diverse customer base around the world.”
ORBCOMM was advised by Raymond James on this transaction.
About ORBCOMM Inc.
ORBCOMM (Nasdaq: ORBC) is a global leader and innovator in the
industrial Internet of Things, providing solutions that connect
businesses to their assets to deliver increased visibility and
operational efficiency. The company offers a broad set of asset
monitoring and control solutions, including seamless satellite and
cellular connectivity, unique hardware and powerful applications, all
backed by end-to-end customer support, from installation to deployment
to customer care. ORBCOMM has a diverse customer base including premier
OEMs, solutions customers and channel partners spanning transportation,
supply chain, warehousing and inventory, heavy equipment, maritime,
natural resources, and government. For more information, visit www.orbcomm.com.
Forward-Looking Statements
Certain statements discussed in this press release constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to our plans, objectives and expectations for future
events and include statements about our expectations, beliefs, plans,
objectives, intentions, assumptions and other statements that are not
historical facts. Such forward-looking statements, including those
concerning the Company’s expectations, are subject to known and unknown
risks and uncertainties, which could cause actual results to differ
materially from the results, projected, expected or implied by the
forward-looking statements, some of which are beyond the Company’s
control, that may cause the Company’s actual results, performance or
achievements, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. In addition, specific consideration should
be given to various factors described in Part I, Item 1A. “Risk Factors”
and Part II, Item 7. “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” and elsewhere in our Annual Report
on Form 10-K, and other documents, on file with the Securities and
Exchange Commission. The Company undertakes no obligation to publicly
revise any forward-looking statements or cautionary factors, except as
required by law.
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Source: ORBCOMM Inc.
ORBCOMM Inc.
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