Vehicle tracking and management company CalAmp (Nasdaq: CAMP) and Brazil’s Localiza, the largest car rental operator in South America, said they have reached a multi-year, enterprise agreement for the Irvine firm’s connected vehicle technology. No financial terms were released.
The partnership combines CalAmp’s AI-enabled connected vehicle technology with the business and domain expertise of Localiza to deliver integrated, user-friendly proprietary web-based software that provides fleet operators with a seamless end-to-end solution.
“CalAmp is dedicated to international expansion and excited to increase our reach throughout Latin America working with Localiza as our partner. Together, we are working to add more value-added telematics technologies for all types of fleet management applications across the globe,” said Arym Diamond, chief revenue officer for CalAmp.
Shares in CalAmp rose 1.4% to $11 apiece for a market cap of $385.3 million.