PAR Technology Corp. said it is selling its PAR Logistics Management Systems subsidiary to telematics company Orbcomm in a transaction valued at up to $10 million.
Under the terms, Orbcomm will pay $6 million in cash and stock and could offer up to an additional $4 million in compensation if PAR Logistics achieves certain sales targets.
PAR Logistics provides products to monitor cargo and transportation equipment.
“We expect to offer customers increased features, higher levels of integration, and increased scale by adding PAR LMS to our portfolio of leading-edge businesses,” Orbcomm CEO Marc Eisenberg said in a statement.
In May 2011, Orbcomm acquired StarTrak Information Technologies, a supplier of devices to track refrigerated trailers, for an undisclosed sum.