DALLAS, Texas – Fleet management solutions provider Omnitracs is acquiring transportation technology company SmartDrive, the two companies announced Wednesday.
The financial details were not revealed, but media reports said the deal was worth US$450 million.
The combined company will offer the first enterprise-grade, fully integrated video-based safety, telematics, compliance and routing platform at scale.
“The combined company will bring together two transportation technology leaders to offer an industry-first converged, end-to-end platform that optimizes safety, driver productivity and workflow, as well as routing, dispatch and compliance,” they said.
The company will, for the first time, unite driving context with operational insight across hundreds of billions of data points to transform the experience for the driver, back office, and customer service alike, they added.
“By integrating SmartDrive’s unparalleled transportation intelligence platform, video safety hardware and risk analysis service offering with the Omnitracs One platform, we can deliver a converged solution built on AI (artificial intelligence) and ML (machine learning) that redefines the future of commercial transportation today,” said Ray Greer, CEO of Omnitracs.
“We have long admired SmartDrive’s customer-centric approach to technology innovation and world class support and service. We look forward to welcoming the talented SmartDrive team to the Omnitracs family.”
Both Omnitracs and SmartDrive said their depth of experience across decades of partnerships will enable the combined company to uniquely support complexity at scale.
“We couldn’t be more excited about joining forces with Omnitracs, and look forward to realizing and advancing the promise of convergence to the benefit of our shared customers,” said Steve Mitgang, CEO of SmartDrive.
“In Omnitracs, we have a like-minded company, seeing the power of data for innovation and solving material fleet and transportation industry challenges.”
The deal is expected to close in the fourth quarter.
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