PowerFleet

Last updated
Powerfleet, Inc.
FormerlyI.D. Systems Inc.
Company type Public
Nasdaq:  PWFL
IndustryCommunications Equipment
Founded1993;31 years ago (1993)
Headquarters
Woodcliff Lake, New Jersey
,
United States
Key people
  • Chris Wolfe (CEO)
  • Ned Mavrommatis (CFO)
  • Elizabeth Elkins (CPO)
  • Moses Zelniker (CTO)
Number of employees
800
Website https://powerfleet.com/

PowerFleet, Inc. (formerly I.D. Systems, Inc.) is an American company headquartered in Woodcliff Lake, New Jersey, with offices located around the globe and a technology innovation center in Israel. The company is a global provider of wireless IoT and M2M solutions[ buzzword ] for securing, controlling, tracking, and managing high-value enterprise assets such as industrial trucks, tractor trailers, intermodal shipping containers, cargo, and vehicle and truck fleets.

Contents

Overview

PowerFleet was formed on October 3, 2019 when I.D. Systems acquired Pointer Telocation Ltd. and their subsidiary brand Cellocator, and subsequently rebranded the new company as PowerFleet Inc. [1]

PowerFleet provides a technology suite that delivers telematics, asset tracking, freight visibility, and driver behavior reporting and modification. [2]

History

I.D. Systems was founded in 1993 by Kenneth S. Ehrman. The company introduced the use of radio frequency identification (RFID) technology for industrial asset tracking and management. In 1995, I.D. Systems was awarded a $6.6 million [3] contract from U.S. Postal Service (USPS) to develop and implement a tracking system for test letters and packages. [4] I.D. Systems went public on the NASDAQ in 1999. [3]

In 2005, I.D. Systems received a three-year contract from the U.S. Postal Service to implement its Wireless Asset Net, a wireless industrial vehicle management system, at 460 USPS facilities nationwide. In 2009, I.D. Systems acquired didBOX Ltd., a privately held, United Kingdom-based manufacturer and marketer of driver identification systems for forklift fleets. The acquisition made didBOX a wholly owned subsidiary of I.D. Systems, broadened I.D. Systems' product line, and expanded sales of the company's vehicle management solutions[ buzzword ] in the European market. [5]

In 2010, I.D. Systems acquired GE Asset Intelligence, LLC, a business unit of the General Electric Company. The acquisition expanded the scope of I.D. Systems' product line and complemented its portfolio of wireless asset management patents. [6]

In 2011, I.D. Systems and Avis Budget Group signed an exclusive agreement to deploy I.D. Systems' wireless vehicle management technology on more than 25,000 Avis Budget vehicles, [7] enabling Avis customers to self-manage their rentals by computer or smartphone. The technology can also automate and expedite the rental and return process, track vehicle mileage, measure fuel consumption, and remotely control a vehicle's door locks. [8] In February 2013, the company was awarded its second patent (patent number 8370268) for an automated wireless rental car management system. [9]

In 2012, the company launched I.D. Systems Analytics, a set of web-based data reporting software tools. [10] [11]

In 2017, the company acquired Keytroller LLC for 9 million U.S. dollars. Keytroller sold electronic products for managing forklifts, construction vehicles, and other industrial equipment. [12] [ third-party source needed ]

Finally, in 2019 the company acquired Pointer Telocation LTD and renamed itself as PowerFleet Inc. As part of this change, the company retired its NASDAQ ticker symbol of IDSY and adopted PWFL. [13] [ third-party source needed ]

Awards and recognitions

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References

  1. ↑ "Newly rebranded PowerFleet finalizes Pointer Telocation acquisition". FreightWaves. 2019-10-03. Retrieved 2020-11-04.
  2. ↑ Lockridge, Deborah. "PowerFleet's Chris Wolfe on Changing the Way Fleets Manage Assets, Cargo". www.truckinginfo.com. Retrieved 2020-11-04.
  3. 1 2 I.D. Systems Website, retrieved February 19, 2013
  4. ↑ "If the Check Is in the Mail, A New System Can Trace It", The New York Times, May 31, 1998
  5. ↑ "I.D. Systems Acquires U.K.-based didBOX to Extend Product Line and Expand Sales in Europe", GlobeNewswire, October 19, 2009
  6. ↑ "I.D. Systems Acquires GE Asset Intelligence", FleetOwner, January 13, 2010
  7. ↑ "Avis Budget Launches ‘Avis On Location’", Auto Rental News, August 23, 2011
  8. ↑ Claire Swedberg,"Avis Uses RFID for Remote Location Rentals", RFID Journal, August 30, 2011
  9. ↑ "I.D. Systems Awarded Patent for Automated Wireless Vehicle Rental System", cnbc.com. February 6, 2013
  10. ↑ Toby Gooley, "New software benchmarks lift truck fleet performance against peers", DC Velocity, October 5, 2012
  11. ↑ Josh Bond, "New offerings lifts the curtain on lift trucks", Modern Material Handling, September 26, 2012.
  12. ↑ Inc, PowerFleet (2017-07-11). "I.D. Systems to Acquire Keytroller, Strengthening Its Position in Industrial Truck Management Market and Overall Growth Outlook". GlobeNewswire News Room (Press release). Retrieved 2021-04-06.{{cite press release}}: |last= has generic name (help)
  13. ↑ Systems, Pointer Telocation Ltd ; I. D. "I.D. Systems to Acquire Pointer Telocation, a Leading Telematics and Mobile IoT Solutions Company, for $140 Million in Cash and Stock". www.prnewswire.com (Press release). Retrieved 2021-04-06.{{cite press release}}: CS1 maint: multiple names: authors list (link)
  14. ↑ Staff, MHPN. "Latest Keytroller - Material Handling 24/7". www.materialhandling247.com. Retrieved 2020-11-04.
  15. ↑ "Winners of the 2014 M2M Evolution IoT Excellence Award Announced". www.iotevolutionworld.com. Retrieved 2020-11-04.
  16. 1 2 "Full Year 2014 Results". www.sec.gov. Retrieved 2020-11-04.
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