Omnitracs to Acquire XRS Corp. for $178 Million
Omnitracs said it has agreed to acquire fleet software firm XRS Corp. for about $178 million or $5.60 per share.
The acquisition was unanimously approved by the board of directors of XRS but still is subject to approval by shareholders representing a majority of the outstanding voting power of XRS.
“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,” Omnitracs CEO John Graham said in a statement.
“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,” Graham said.
In December, Omnitracs acquired Roadnet Technologies, a fleet-management software provider to private fleets. Omnitracs’ other recent acquisitions include Sylectus and FleetRisk Advisors.
“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,” XRS Chairman and CEO Jay Coughlan said in a statement.
“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,” he added.
Omnitracs was purchased by Vista Equity Partners from Qualcomm Inc. for $800 million last November.
