New Director added to web page: specializes in sale of companies
IDSY seems to highlight the fact that he sold 2 companies
Robert J. Farrell
Bob Farrell (Robert J. Farrell) brings significant expertise in growing and running successful software companies, with specific expertise in global enterprise software sales and mergers and acquisitions. Bob currently serves as the president and CEO of Kewill Ltd. Prior to joining Kewill, he was president and CEO of EDGAR Online (NASDAQ: EDGR), where he managed the sale of the company to RR Donnelly & Sons. Bob also spent 8 years as chairman and CEO of Metastorm, a global software provider, where he grew the company from a start-up to an established firm with revenues of $75 million, ultimately overseeing the sale of the company to Open Text (NASDAQ: OTEX). Bob has also served as president of the Americas region for Mercator Software, chief operating officer at LeadingSide and executive vice president of international operations at Computer Horizons (NASDAQ: CHRZ). Earlier in his career, he held positions at several large organizations including E. F. Hutton, American Express and Grumman Data Systems.
Where is mjw? We know Robert Farrell. He was hired by EDGR, added a lot of people and sold it for the same amout they were reportedly offered a year before he got there. He walked with about $5M. Not impressed, but he has sold several companies. I doubt he will want to stay the course to get the other parts of IDSY profitable. Just get the max for car rental NOW!
Extra paragraph in the proxy again highlights M&A. Any thoughts on why he replaced Ehrman?
Mr. Farrell is a senior level software and technology executive with vast international business and technical experience. He has held diverse and significant P&L (profit & loss) responsibility, traveling the globe to interact with many of the world’s renowned organizations to drive and build valuable and successful business operations. As the key executive and a director of both public and private companies, Mr. Farrell has been the architect and implementer of strategies that create customer, stockholder and employee value. Mr. Farrell possesses skills in the areas of strategic planning, P&L (profits and loss) management, mergers and acquisitions, business development, research and development, marketing and sales. We believe that Mr. Farrell’s diverse background and experience as an executive and a director of both public and private companies, give him the qualifications and skills to enable him to serve as an effective contributing member of the Board.
On June 20, 2013, the Board of Directors of I.D. Systems, Inc. (the “Company”) approved an amendment (the “Amendment”) to the Severance Agreement, dated September 22, 2009, between the Company and Kenneth Ehrman, the Company’s President (the “Severance Agreement”), to increase the severance period during which Mr. Ehrman shall be entitled to receive certain severance and change in control benefits in the event of the occurrence of an event triggering such benefits from twelve (12) months to fifteen (15) months.
maybe they sell rental to Avis for $75M and Avis gets the Ehrmans, rental patents, and a few programmers. Could be the reason they hired a few tech people recently; get the new ones spun up and ship off the old ones to Avis. Maybe IDSY takes $65M and return of the 1M Avis shares and cancels the warrants.
Would make for an interesting company. Would have about $90M in cash and a core business of about $40M/yr. Without the drag of the Ehrmans salary, could even be break even. With $90M in cash and 11M shares (includes no Avis shares), it would have $8/sh in cash.