CalAmp

Last updated
CalAmp Corporation
Company type Private
Nasdaq: CAMP (1983-2024)
Industry
Founded1981;44 years ago (1981)
Headquarters,
U.S.
Key people
Chris Adams (CEO)
Products
  • CalAmp Telematics Cloud
  • iOn Telematics Services
  • CrashBoxx
  • iOn Tags, iOn Vision
  • LoJack
  • LoJack SureDrive
  • LoJack LotSmart
  • Telematics Devices
  • Here Comes The Bus
  • Bus Guardian
Revenue
  • Increase2.svg US$ 366.1 million (2020) [1]
  • Increase2.svg US$ 363.8 million (2019) [1]
Number of employees
1,080 (May 2020) [1]
Website calamp.com

CalAmp Corporation is an Irvine, California-based provider of Internet of things (IoT) software applications, cloud services, data intelligence and telematics products and services. The company's technology includes edge computing devices and SaaS-based applications for remotely tracking and managing vehicles, drivers, cargo and other mobile assets as part of a fleet telematics system . The company also owns the patents and trademarks for the LoJack Stolen Vehicle Recovery System and provides connected car and lot management products. [2]

Contents

History

CalAmp was founded as California Amplifier Inc. in Newbury Park, California in 1981, by Jacob Inbar and David Nichols, who worked together at a microwave division of Eaton Corporation. [3] The company originally made amplifiers and other equipment used to transmit microwave signals for satellite video and broadband communications. [4] [5] [6] The company began trading on NASDAQ in 1983. [6] [4]

By 1986, the company had relocated to Camarillo, California, and stopped making amplifiers for the consumer market. [3]

In 1999, the company entered the direct broadcast satellite (DBS) market by acquiring Texas-based Gardiner Group, a satellite dish component provider. [6]

In December 2003, the company acquired communications software company Vytek Corp, for $76.8 million. [7]

In March 2004, the company relocated to Oxnard, California. [8] In August, the company changed its name to CalAmp Corp. [9]

In May 2006, the company acquired Montreal, Canada-based wireless radio company Dataradio, to expand its wireless data communications business for public safety and machine to machine (M2M) applications. [10] It also acquired the mobile resource management line from Carlsbad, California-based location tracking company TechnoCom to offer enterprise asset tracking systems and fleet management applications. [11]

In 2007, the company acquired the Aercept Vehicle Tracking business from wireless telematics service provider AirIQ, expanding its automatic vehicle location (AVL) capabilities. [12]

By 2010, the company was focused on selling IoT hardware, including the TCU , and DBS solutions. [2]

In December 2012, the company announced the acquisition of Herndon, Virginia-based fleet management application provider Wireless Matrix Corp for $53 million. [13]

In February 2013, the company announced a stock offering that was intended in part to fund the Wireless Matrix Corp purchase. [14]

In April 2015, CalAmp bought telematics startup Crashboxx, a provider of a risk management vehicle tracking system for insurance companies and fleet operators. [15]

By 2016, the company had phased out its DBS business and shifted its focus to SaaS-based telematics products and services. [2] In February, CalAmp announced it was acquiring stolen vehicle recovery company LoJack Corporation, for $134 million, and the deal closed in March. [16] [17] In April, the company announced it was moving its headquarters from Oxnard to Irvine, California. [18] In September, the company introduced the LoJack LotSmart automotive dealer inventory management solution and LoJack SureDrive connected car app. [19]

In March 2016, CalAmp acquired the LoJack company for $134 million. [20]

In January 2019, the company launched a smartwatch-sized pet tracking device called Maven, in conjunction with logistics software company CargoSense. [21] In March 2019, the company acquired two LoJack licensees, Car Track in Mexico, and Tracker in the United Kingdom. [22] In April, the company acquired fellow telematics provider Synovia Solutions for $50 million, a company known for its applications in public transport and school bus tracking. [23] In March 2020, CEO Michael Burdiek retired, and was replaced by Jeff Gardner. [24]

In 2024, CalAmp filed for Chapter 11 bankruptcy, allowing for a secured deal with its lenders to swap its $229 million in bonds for equity. The company stated that its financial state has been bleak for many years, blaming its acquisition of LoJack and an ill-fated program that stretches customer's payment terms. [25] After CalAmp restructured, it was taken private by a company called Lynrock Lake LP. [26]


References

  1. 1 2 3 "CalAmp 2020 Annual Report Form (10-K)" (PDF). secfilings.nasdaq.com. 2020-05-05. Archived from the original (PDF) on 2022-02-09. Retrieved 2020-09-30.
  2. 1 2 3 "Where Will CalAmp Corp. Be in 5 Years?". fool.com. 2017-12-30. Retrieved 2018-09-05.
  3. 1 2 "Restructuring After Brush With Bankruptcy : Amplifier Firm Forced to Retune". Los Angeles Times . 1986-07-20. Retrieved 2018-09-05.
  4. 1 2 "sec news digest" (PDF). sec.gov. 1983-10-13. Retrieved 2018-09-05.
  5. "CalAmp Move from Oxnard Adds to Tech Sector Here". Orange County Business Journal. 2013-02-12. Retrieved 2018-09-05.(subscription required)
  6. 1 2 3 "California Amplifier Stays Prepared". Los Angeles Times . 2002-12-02. Retrieved 2018-09-05.
  7. "California Amplifier Agrees to Buy Vytek". Los Angeles Times . 2003-12-24. Retrieved 2018-09-05.
  8. "California Amplifier to Webcast Management Discussion of Vytek Corporation Pending Acquisition" (PDF). cloudfront.net. 2004-03-10. Retrieved 2018-07-13.
  9. "California Amplifier: Call Us CalAmp". Multichannel News. 2004-08-04. Retrieved 2018-09-05.
  10. "CalAmp Completes Dataradio Buy For $54M". socaltech.com. 2006-05-30. Retrieved 2018-09-05.
  11. "CalAmp acquires M2M from TechnoCom". rcrwireless.com. 2006-05-30. Retrieved 2018-09-05.
  12. "CalAmp Licenses Patents For Vehicle Location Technology To SKYWATCH GPS". gpsdaily.com. 2008-02-06. Retrieved 2018-09-05.
  13. "CalAmp (CAMP) to Acquire Wireless Matrix in $53M Deal". streetinsider.com. 2012-12-20. Retrieved 2018-09-05.
  14. "CalAmp to offer 4.2M shares to fund acquisition". pacbiztimes.com. 2013-02-12. Retrieved 2018-09-05.
  15. "CalAmp buys insurance telematics startup Crashboxx". seekingalpha.com. 2015-04-20. Retrieved 2018-09-05.
  16. "LoJack Agrees to $134 Million Sale to CalAmp". wsj.com. 2016-02-01. Retrieved 2018-09-05.
  17. "BRIEF-CalAmp completes acquisition of Lojack; sees q4 EPS of about $0.32". reuters.com. 2016-03-21. Retrieved 2018-09-05.
  18. "Wireless firm CalAmp to shift HQ to Irvine from Oxnard". ocregister.com. 2016-04-20. Retrieved 2018-09-05.
  19. "Connected-car peace of mind now on tap with LoJack's SureDrive car security platform". digitaltrends.com. 2016-09-07. Retrieved 2018-09-05.
  20. "LoJack Agrees to $134 Million Sale to CalAmp". wsj.com. 2016-02-01. Retrieved 2021-08-06.
  21. "Pet Tracking Device a New Market for CalAmp". Orange County Business Journal. 2019-01-28. Retrieved 2019-01-29.
  22. "CalAmp acquires Car Track and Tracker to accelerate global expansion of connected car services". Asset Finance International. 2019-03-04. Retrieved 2020-09-30.
  23. "CalAmp Acquires Synovia for $50M". The Automotive Fleet. 2019-04-15. Retrieved 2020-09-30.
  24. "CalAmp Names Jeff Gardner CEO". Orange County Business Journal. 2020-07-08. Retrieved 2020-09-30.
  25. Yarek, Becky (June 3, 2024). "CalAmp, a Fleet-Tracking Software Maker, Files for Bankruptcy". The Wall Street Journal. Retrieved June 5, 2024.
  26. "Lynrock Lake Takes CalAmp Private" (Press release). GlobeNewswire. August 1, 2024.