Omnitracs to Acquire SmartDrive in Deal Reportedly Worth $450 MILLION
Dallas, TX – Transportation technology giant Omnitracs announced on Wednesday it will soon be acquiring leading video-based safety solutions provider SmartDrive Systems in a deal reportedly worth up to $450 million.
In a joint statement, the companies said the acquisition will allow Omnitracs to offer an “industry-first converged, end-to-end platform that optimizes safety, driver productivity and workflow, as well as routing, dispatch and compliance.”
“By integrating SmartDrive’s unparalleled transportation intelligence platform, video safety hardware and risk analysis service offering with the Omnitracs One platform, we can deliver a converged solution built on artificial intelligence (AI) and machine learning (ML) that redefines the future of commercial transportation today,” said Ray Greer, Chief Executive Officer, Omnitracs. “Real-time risk mitigation, streamlined data flows from the cab and vehicle sensors to dispatch and the back office, and a superior driver experience will be brought together to improve safety, efficiency and operational excellence.”
“We couldn’t be more excited about joining forces with Omnitracs and look forward to realizing and advancing the promise of convergence to the benefit of our shared customers,” stated Steve Mitgang, Chief Executive Officer, SmartDrive. “In Omnitracs, we have a like-minded company, seeing the power of data for innovation and solving material fleet and transportation industry challenges.”
SmartDrive is based in San Diego, CA, and employs over 725 people worldwide.
The company’s video-based systems have recorded nearly 25 billion miles and compiled the world’s largest storehouse of more than 300 million analyzed “risky-driving events.”
While the terms of the deal, which is expected to close later this year, were undisclosed, multiple media reports indicate it could be worth up to $450 million.
Transportation Nation Network will continue to follow new developments.