Company:CalAmp

From HandWiki
CalAmp Corporation
TypePrivate
NASDAQ: CAMP (1983-2024)
Industry
Founded1981; 45 years ago (1981)
Headquarters
Irvine, California
,
U.S.
Key people
Chris Adams (CEO)
Products
  • CalAmp Telematics Cloud
  • iOn Telematics Services
  • CrashBoxx
  • iOn Tags, iOn Vision
  • LoJack
  • LoJack SureDrive
  • LoJack LotSmart
  • Telematics Devices
  • Here Comes The Bus
  • Bus Guardian
Revenue
  • Increase US$ 366.1 million (2020)[1]
  • Increase US$ 363.8 million (2019)[1]
Number of employees
1,080 (May 2020)[1]
Websitecalamp.com

CalAmp Corporation is an Irvine, California-based provider of Internet of things (IoT) software applications, cloud services, data intelligence and telematics products and services. The company's technology includes edge computing devices and SaaS-based applications for remotely tracking and managing vehicles, drivers, cargo and other mobile assets as part of a fleet telematics system. The company also owns the patents and trademarks for the LoJack Stolen Vehicle Recovery System and provides connected car and lot management products.[2]

History

CalAmp was founded as California Amplifier Inc. in Newbury Park, California in 1981, by Jacob Inbar and David Nichols, who worked together at a microwave division of Eaton Corporation.[3] The company originally made amplifiers and other equipment used to transmit microwave signals for satellite video and broadband communications.[4][5][6] The company began trading on NASDAQ in 1983.[6][4]

By 1986, the company had relocated to Camarillo, California, and stopped making amplifiers for the consumer market.[3]

In 1999, the company entered the direct broadcast satellite (DBS) market by acquiring Texas-based Gardiner Group, a satellite dish component provider.[6]

In December 2003, the company acquired communications software company Vytek Corp, for $76.8 million.[7]

In March 2004, the company relocated to Oxnard, California.[8] In August, the company changed its name to CalAmp Corp.[9]

In May 2006, the company acquired Montreal, Canada-based wireless radio company Dataradio, to expand its wireless data communications business for public safety and machine to machine (M2M) applications.[10] It also acquired the mobile resource management line from Carlsbad, California-based location tracking company TechnoCom to offer enterprise asset tracking systems and fleet management applications.[11]

In 2007, the company acquired the Aercept Vehicle Tracking business from wireless telematics service provider AirIQ, expanding its automatic vehicle location (AVL) capabilities.[12]

By 2010, the company was focused on selling IoT hardware, including the TCU, and DBS solutions.[2]

In December 2012, the company announced the acquisition of Herndon, Virginia-based fleet management application provider Wireless Matrix Corp for $53 million.[13]

In February 2013, the company announced a stock offering that was intended in part to fund the Wireless Matrix Corp purchase.[14]

In April 2015, CalAmp bought telematics startup Crashboxx, a provider of a risk management vehicle tracking system for insurance companies and fleet operators.[15]

By 2016, the company had phased out its DBS business and shifted its focus to SaaS-based telematics products and services.[2] In February, CalAmp announced it was acquiring stolen vehicle recovery company LoJack Corporation, for $134 million, and the deal closed in March.[16][17] In April, the company announced it was moving its headquarters from Oxnard to Irvine, California.[18] In September, the company introduced the LoJack LotSmart automotive dealer inventory management solution and LoJack SureDrive connected car app.[19]

In March 2016, CalAmp acquired the LoJack company for $134 million.[20]

In January 2019, the company launched a smartwatch-sized pet tracking device called Maven, in conjunction with logistics software company CargoSense.[21] In March 2019, the company acquired two LoJack licensees, Car Track in Mexico, and Tracker in the United Kingdom.[22] In April, the company acquired fellow telematics provider Synovia Solutions for $50 million, a company known for its applications in public transport and school bus tracking.[23] In March 2020, CEO Michael Burdiek retired, and was replaced by Jeff Gardner.[24]

In 2024, CalAmp filed for Chapter 11 bankruptcy, allowing for a secured deal with its lenders to swap its $229 million in bonds for equity. The company stated that its financial state has been bleak for many years, blaming its acquisition of LoJack and an ill-fated program that stretches customer's payment terms.[25] After CalAmp restructured, it was taken private by a company called Lynrock Lake LP.[26]


Template:Fleet digitalization

References

  1. ↑ 1.0 1.1 1.2 "CalAmp 2020 Annual Report Form (10-K)". secfilings.nasdaq.com. 2020-05-05. https://s22.q4cdn.com/221312883/files/doc_financials/annual/2020/CalAmp-FY2020-Annual-Report-(web).pdf. Retrieved 2020-09-30. 
  2. ↑ 2.0 2.1 2.2 "Where Will CalAmp Corp. Be in 5 Years?". 2017-12-30. https://www.fool.com/investing/2017/12/30/where-will-calamp-corp-be-in-5-years.aspx. Retrieved 2018-09-05. 
  3. ↑ 3.0 3.1 "Restructuring After Brush With Bankruptcy : Amplifier Firm Forced to Retune". 1986-07-20. https://www.latimes.com/archives/la-xpm-1986-07-20-fi-17338-story.html. 
  4. ↑ 4.0 4.1 "sec news digest". 1983-10-13. https://www.sec.gov/news/digest/1983/dig101383.pdf. Retrieved 2018-09-05. 
  5. ↑ "CalAmp Move from Oxnard Adds to Tech Sector Here". 2013-02-12. http://www.ocbj.com/news/2016/may/16/calamp-move-oxnard-adds-tech-sector-here/. Retrieved 2018-09-05. 
  6. ↑ 6.0 6.1 6.2 "California Amplifier Stays Prepared". 2002-12-02. https://www.latimes.com/archives/la-xpm-2002-dec-02-fi-calamplifier2-story.html. 
  7. ↑ "California Amplifier Agrees to Buy Vytek". 2003-12-24. https://www.latimes.com/archives/la-xpm-2003-dec-24-fi-amplifier24-story.html. 
  8. ↑ "California Amplifier to Webcast Management Discussion of Vytek Corporation Pending Acquisition". 2004-03-10. http://d18rn0p25nwr6d.cloudfront.net/CIK-0000730255/3dae60a1-f7c0-49fb-a2ef-fae18e35f863.pdf. Retrieved 2018-07-13. 
  9. ↑ "California Amplifier: Call Us CalAmp". 2004-08-04. https://www.multichannel.com/news/california-amplifier-call-us-calamp-260082. Retrieved 2018-09-05. 
  10. ↑ "CalAmp Completes Dataradio Buy For $54M". 2006-05-30. https://www.socaltech.com/calamp_completes_dataradio_buy_for__4m/s-0004129.html. Retrieved 2018-09-05. 
  11. ↑ "CalAmp acquires M2M from TechnoCom". 2006-05-30. https://www.rcrwireless.com/20060530/archived-articles/calamp-acquires-m2m-from-technocom. Retrieved 2018-09-05. 
  12. ↑ "CalAmp Licenses Patents For Vehicle Location Technology To SKYWATCH GPS". 2008-02-06. http://www.gpsdaily.com/reports/CalAmp_Licenses_Patents_For_Vehicle_Location_Technology_To_SKYWATCH_GPS_999.html. Retrieved 2018-09-05. 
  13. ↑ "CalAmp (CAMP) to Acquire Wireless Matrix in $53M Deal". 2012-12-20. https://www.streetinsider.com/Mergers+and+Acquisitions/CalAmp+%28CAMP%29+to+Acquire+Wireless+Matrix+in+%2453M+Deal/7964463.html. Retrieved 2018-09-05. 
  14. ↑ "CalAmp to offer 4.2M shares to fund acquisition". 2013-02-12. https://www.pacbiztimes.com/2013/02/12/calamp-to-offer-4-2m-shares-to-fund-acquisition/. Retrieved 2018-09-05. 
  15. ↑ "CalAmp buys insurance telematics startup Crashboxx". 2015-04-20. https://seekingalpha.com/news/2437526-calamp-buys-insurance-telematics-startup-crashboxx. Retrieved 2018-09-05. 
  16. ↑ "LoJack Agrees to $134 Million Sale to CalAmp". 2016-02-01. https://www.wsj.com/articles/lojack-agrees-to-134-million-sale-to-calamp-1454363855. Retrieved 2018-09-05. 
  17. ↑ "BRIEF-CalAmp completes acquisition of Lojack; sees q4 EPS of about $0.32". 2016-03-21. https://www.reuters.com/article/idUSASC08HLB. Retrieved 2018-09-05. 
  18. ↑ "Wireless firm CalAmp to shift HQ to Irvine from Oxnard". 2016-04-20. https://www.ocregister.com/2016/04/20/wireless-firm-calamp-to-shift-hq-to-irvine-from-oxnard/. Retrieved 2018-09-05. 
  19. ↑ "Connected-car peace of mind now on tap with LoJack's SureDrive car security platform". 2016-09-07. https://www.digitaltrends.com/cars/calamp-suredrive-lojack-gps-vehicle-tracking/. Retrieved 2018-09-05. 
  20. ↑ "LoJack Agrees to $134 Million Sale to CalAmp". 2016-02-01. https://www.wsj.com/articles/lojack-agrees-to-134-million-sale-to-calamp-1454363855. Retrieved 2021-08-06. 
  21. ↑ "Pet Tracking Device a New Market for CalAmp". 2019-01-28. https://www.ocbj.com/news/2019/jan/28/pet-tracking-device-new-market-calamp/. Retrieved 2019-01-29. 
  22. ↑ "CalAmp acquires Car Track and Tracker to accelerate global expansion of connected car services". 2019-03-04. https://www.assetfinanceinternational.com/index.php/technology/technology-archive/technology-articles/18022-calamp-acquires-car-track-and-tracker-to-accelerate-global-expansion-of-connected-car-services. Retrieved 2020-09-30. 
  23. ↑ "CalAmp Acquires Synovia for $50M". 2019-04-15. https://www.automotive-fleet.com/329544/calamp-acquires-synovia-for-50m. Retrieved 2020-09-30. 
  24. ↑ "CalAmp Names Jeff Gardner CEO". 2020-07-08. https://www.ocbj.com/news/2020/jul/08/calamp-names-jeff-gardner-ceo-pres/. Retrieved 2020-09-30. 
  25. ↑ Yarek, Becky (June 3, 2024). "CalAmp, a Fleet-Tracking Software Maker, Files for Bankruptcy" (in en). https://www.wsj.com/articles/calamp-a-fleet-tracking-software-maker-files-for-bankruptcy-18e74f9f. 
  26. ↑ "Lynrock Lake Takes CalAmp Private" (Press release). GlobeNewswire. August 1, 2024.



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