Omnitracs Sold to Texas-Based Automotive Software Company
Westlake, TX – Solera Holdings, Inc. announced on Monday it will acquire transportation technology giant Omnitracs.
In a release, Solera stated its acquisition of Omnitracs would create a “unified platform that encompasses safety, productivity and maintenance solutions for commercial fleets.”
Based in Texas, Solera touts itself as a “global leader in risk and asset management data and software” with over 235,000 customers and partners in more than 90 countries across six continents.
Omnitracs provides a fleet intelligence software platform which includes telematics, workflow, routing, and in-cab video monitoring to nearly 15,000 customers in the U.S. and in over 50 countries.
“By joining Solera, Omnitracs will be able to further extend our converged solutions, both in and on the vehicle, into fleet lifecycle management services while also extending our access to new markets,” said Ray Greer, CEO of Omnitracs.
Also included in Monday’s announcement was Solera’s acquisition of DealerSocket, a company that serves approximately 9,000 automotive dealers.
“Solera is the driving force behind the rapid digitization of the vehicle lifecycle, delivering intelligent, data-driven, mission-critical solutions for our customers,” said Darko Dejanovic, CEO of Solera.
“These highly strategic acquisitions (of Omnitracs and DealerSocket) will enable us to expand into adjacent verticals and capitalize on emerging trends in our industry,” Dejanovic continued.
The acquisitions are expected to close during the second quarter of 2021, according to the companies.
Financial terms were not disclosed.
In September 2020, Transportation Nation Network reported Omnitracs purchased video-based safety solutions provider SmartDrive Systems in a deal reportedly worth up to $450 million.