PowerFleet completes Pointer acquisition, adding to IOT menu
Former I.D. Systems builds fleet management offerings through string of takeovers.
Asset management solution provider I.D. Systems Inc. has rebranded itself as PowerFleet Inc. after closing its previously announced acquisition of Pointer Telocation Ltd., saying the move positions the company as a provider of wireless Internet of Things (IoT) and Machine to Machine (M2M) technology for the logistics, industrial vehicle, and fleet management markets.
Woodcliff Lake, New Jersey-based PowerFleet purchased the Israeli telematics and mobile IoT firm Pointer Telocation for $140 million in March, after landing $50 million in venture backing to help fund the deal. Company leaders at the time said the combined entities would follow a "connected vehicle strategy" designed to optimize the in-car and fleet-management experience.
That move was PowerFleet's latest step in a spree of technology development and strategic acquisitions, following its February acquisition of Atlanta-based telematics provider CarrierWeb and its 2017 purchase of Tampa, Fla.-based forklift management product manufacturer Keytroller LLC.
Most recently, the company announced it had partnered with German lift truck vendor Jungheinrich AG to develop an advanced telematics and fleet management system, a move intended to help forklift users monitor utilization, maintenance, and safety compliance, the partners said.
PowerFleet says it will now leverage its suite of telematics platforms, sensors, Software-as-a-Service (SaaS), and analytics offerings to provide actionable reporting and insights into customers' mobile assets and mobility workers.
The company's new corporate umbrella includes three global brands: PowerFleet, Pointer Telocation, and Cellocator. Together, they will focus 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 says.
"This is a logical branding change for the company, as many of the products we sell today have already been sold under the PowerFleet name in North America and the EU," PowerFleet CEO Chris Wolfe said in a release. "Our newly empowered delivery team is capable of leveraging key technologies, such as image processing, machine learning, next-generation wireless technology, and a unique super-cap power supply, to connect the disparate pieces of the supply chain and illuminate inefficiencies and bottlenecks within business systems and operations."
In less than 24 hours, I.D. Systems becomes powerful as @PowerFleet_Inc (NASDAQ: PWFL). The PowerFleet brand will instantly become one of the largest global providers of enterprise-class wireless IoT and M2M solutions. Visit https://t.co/yRfZI6IiEb!— I.D. Systems (@IDSystems) October 2, 2019
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