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PowerFleet Inc. said it closed its acquisition of Pointer Telocation Ltd., and rebranded the company formerly known as I.D. Systems to PowerFleet Inc.
PowerFleet bought Pointer for approximately $140 million in cash and stock in a deal nearly two years in the making, company officials said.
We are excited and honored to ring the closing bell at the @Nasdaq stock exchange with our PWFL new ticker symbol and our shared goal to #RewriteTomorrow. #logistics #IoT #telematics #supplychain @IDSystems @PNTR_Telocation— PowerFleet (@PowerFleet_Inc) October 4, 2019
Based in Woodcliff Lake, N.J., PowerFleet supplies wireless internet of things and machine to machine technology that powers wireless solutions for the markets of logistics, industrial vehicles and fleet management. The company said it provides actionable reporting and insight into mobile assets and mobility workers.
The company said it focuses on improving efficiencies and generating greater returns from high-value enterprise assets, which include industrial trucks, tractors, trailers, containers, cargo, automobiles, service vehicles and delivery truck fleets.
PowerFleet said it has more than 1,500 customers and operates on more than 500,000 mobile subscriber units globally.
“While the company’s name has changed, our people and purpose have not,” CEO Chris Wolfe said. “PowerFleet will manage the complexities that arise from a mobile internet of things world.”
The company’s new corporate umbrella includes three global brands: PowerFleet, Pointer Telocation and Cellocator.
PowerFleet will be both the corporate entity name, as well as the primary brand for North America. — Transport Topics
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