 | |
| Company type | Private |
|---|---|
| Nasdaq: CAMP (1983-2024) | |
| Industry | |
| Founded | 1981 |
| Headquarters | , U.S. |
Key people | Chris Adams (CEO) |
| Products |
|
| Revenue | |
Number of employees | 1,080 (May 2020)[1] |
| Website | calamp |
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]
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by Jacob Inbar and David Nichols, who worked together at a microwave division of Eaton Corporation.[3] The company originally made amplifiers and other equipment used to transmit microwave signals for satellite video and broadband communications.[4][5][6] The company began trading on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
- ^ a b c "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.
- ^ a b c "Where Will CalAmp Corp. Be in 5 Years?". fool.com. 2017-12-30. Retrieved 2018-09-05.
- ^ a b "Restructuring After Brush With Bankruptcy : Amplifier Firm Forced to Retune". Los Angeles Times. 1986-07-20. Retrieved 2018-09-05.
- ^ a b "sec news digest" (PDF). sec.gov. 1983-10-13. Retrieved 2018-09-05.
- ^ "CalAmp Move from Oxnard Adds to Tech Sector Here". Orange County Business Journal. 2013-02-12. Retrieved 2018-09-05.(subscription required)
- ^ a b c "California Amplifier Stays Prepared". Los Angeles Times. 2002-12-02. Retrieved 2018-09-05.
- ^ "California Amplifier Agrees to Buy Vytek". Los Angeles Times. 2003-12-24. Retrieved 2018-09-05.
- ^ "California Amplifier to Webcast Management Discussion of Vytek Corporation Pending Acquisition" (PDF). cloudfront.net. 2004-03-10. Retrieved 2018-07-13.
- ^ "California Amplifier: Call Us CalAmp". Multichannel News. 2004-08-04. Retrieved 2018-09-05.
- ^ "CalAmp Completes Dataradio Buy For $54M". socaltech.com. 2006-05-30. Retrieved 2018-09-05.
- ^ "CalAmp acquires M2M from TechnoCom". rcrwireless.com. 2006-05-30. Retrieved 2018-09-05.
- ^ "CalAmp Licenses Patents For Vehicle Location Technology To SKYWATCH GPS". gpsdaily.com. 2008-02-06. Retrieved 2018-09-05.
- ^ "CalAmp (CAMP) to Acquire Wireless Matrix in $53M Deal". streetinsider.com. 2012-12-20. Retrieved 2018-09-05.
- ^ "CalAmp to offer 4.2M shares to fund acquisition". pacbiztimes.com. 2013-02-12. Retrieved 2018-09-05.
- ^ "CalAmp buys insurance telematics startup Crashboxx". seekingalpha.com. 2015-04-20. Retrieved 2018-09-05.
- ^ "LoJack Agrees to $134 Million Sale to CalAmp". wsj.com. 2016-02-01. Retrieved 2018-09-05.
- ^ "BRIEF-CalAmp completes acquisition of Lojack; sees q4 EPS of about $0.32". reuters.com. 2016-03-21. Retrieved 2018-09-05.
- ^ "Wireless firm CalAmp to shift HQ to Irvine from Oxnard". ocregister.com. 2016-04-20. Retrieved 2018-09-05.
- ^ "Connected-car peace of mind now on tap with LoJack's SureDrive car security platform". digitaltrends.com. 2016-09-07. Retrieved 2018-09-05.
- ^ "LoJack Agrees to $134 Million Sale to CalAmp". wsj.com. 2016-02-01. Retrieved 2021-08-06.
- ^ "Pet Tracking Device a New Market for CalAmp". Orange County Business Journal. 2019-01-28. Retrieved 2019-01-29.
- ^ "CalAmp acquires Car Track and Tracker to accelerate global expansion of connected car services". Asset Finance International. 2019-03-04. Retrieved 2020-09-30.
- ^ "CalAmp Acquires Synovia for $50M". The Automotive Fleet. 2019-04-15. Retrieved 2020-09-30.
- ^ "CalAmp Names Jeff Gardner CEO". Orange County Business Journal. 2020-07-08. Retrieved 2020-09-30.
- ^ Yarek, Becky (June 3, 2024). "CalAmp, a Fleet-Tracking Software Maker, Files for Bankruptcy". The Wall Street Journal. Retrieved June 5, 2024.
- ^ "Lynrock Lake Takes CalAmp Private" (Press release). GlobeNewswire. August 1, 2024.
