Vista Wraps Omnitracs Purchase, Plans to Buy Roadnet
Vista Equity Partners said it has completed its acquisition of onboard communications business Omnitracs Inc. and announced an agreement to purchase Roadnet Technologies Inc., a provider of fleet management software.
Omnitracs, which previously was a subsidiary of Qualcomm Inc., also announced the appointment of John Graham as CEO and Jordan Copland as chief financial officer of the combined organization.
Vista’s agreement to purchase Omnitracs was announced in August. At the time, Qualcomm valued the deal at $800 million.
The private equity firm’s purchase of Roadnet is expected to close in December, Vista said in the Nov. 25 announcement.
When the deal is finalized, Roadnet will operate independently as a separate division within Omnitracs, Vista said.
Roadnet, based in Baltimore, is a provider of routing, scheduling and management software for private fleets.
Combined, Omnitracs and Roadnet will serve nearly 3,800 customers with more than 500,000 vehicles in more than 60 countries, Vista said.
|By Seth Clevenger|
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