Telematics Providers Merging in $85 Million Deal

TORONTO and VANCOUVER - Two Canadian based telematics providers have reached an agreement to merge, creating a company with more than 150,000 subscribers across Canada and the U.S. BSM Technologies Inc. a provider of remote monitoring, fleet management, and fleet diagnostics systems; and Webtech Wireless Inc., which provides GPS fleet management systems, said on Thursday they have entered into a definitive agreement creating a company worth $85 million. The deal, which has been approved by both company's board of directors, calls for BSM to acquire all of the outstanding Webtech common shares.