SAN DIEGO, Calif. – Omnitracs announced today that it will be acquiring XRS Corporation for $5.60 a share, or about $178 million in equity value.
XRS is a software solutions company that helps fleets comply with changing and ongoing regulations and reducing operating costs.
“This agreement to purchase XRS represents another milestone in the renewed growth of Omnitracs and further demonstrates our continued commitment to retaining and advancing our position as the leading software provider within the transportation and logistics industry,” said John Graham, CEO of Omnitracs. “XRS has built a significant business focused on delivering transportation management solutions via mobile devices, and we believe this is a great addition to our suite of offerings. Whether building on the strength of our core technology or expanding our portfolio, we continually seek opportunities to drive innovation and deliver long-term value to our current and future customers.”
Jay Coughlan, chairman and CEO of XRS also commented: “The acquisition delivers an attractive premium for our shareholders, and for our employees and customers we are thrilled to become a key component of the broader Omnitracs portfolio. With complementary solutions designed to meet the varying needs of fleets across the transportation and logistics industry spectrum, our combined organizations can continue to innovate and deliver end-to-end solutions for our customers.”
Omnitracs has been busy since it acquired Roadnet Technologies in December 2013, as well as Sylectus and FleetRisk (now known as Omnitracs Analytics) before that.
The acquisition is still subject to closing conditions, but it expected to be completed the end of this year.
Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry. All posts by Truck News