Vehicle tracking company Spireon Inc. has acquired the LoJack U.S. stolen vehicle recovery business from CalAmp (Nasdaq: CAMP), the two companies, both based in Irvine, said in a statement today. Financial details were not disclosed.
“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,” according to the statement.
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, according to the statement.
“Spireon's decision to acquire the LoJack U.S. business reinforces our longstanding commitment to deliver 24×7 asset visibility and actionable insights,” said Kevin Weiss, CEO of Spireon.
CalAmp shares declined 1.8% to $11.64 and a $408 million market cap.