OXNARD, CA--(Marketwire - Mar 4, 2013) - CalAmp Corp. (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, announced today that it has completed the previously announced acquisition of the operations of Wireless Matrix Corporation (TSX: WRX). This acquisition will enable CalAmp to expand its product and service offerings within core vertical markets.
The purchase price was $52.9 million paid in cash at closing. The assets acquired by CalAmp included cash of approximately $6 million. CalAmp funded the purchase price primarily from the net proceeds of its recent equity offering of approximately $45 million.
CalAmp expects to record acquisition related expenses of $0.3 million in the fiscal 2013 fourth quarter. The Company also expects the transaction will be accretive to non-GAAP earnings per share in fiscal 2014 and beyond as it significantly improves CalAmp's competitive positioning and growth prospects.
Michael Burdiek, President and Chief Executive Officer of CalAmp, said, "The Wireless Matrix acquisition is a foundational component of our long-term growth strategy, positioning CalAmp as the leading provider of integrated hardware and software solutions within our core verticals, while expanding our market opportunity to address new applications with major global enterprise customers. It clearly enhances our competitive position in the both the near and longer term as it accelerates CalAmp's development roadmap and growth prospects."
CalAmp Corp. (NASDAQ: CAMP) is a proven leader in providing wireless communications solutions to a broad array of vertical market applications and customers. CalAmp's extensive portfolio of intelligent communications devices, robust and scalable cloud service platform, and targeted software applications streamline otherwise complex M2M deployments. These solutions enable customers to optimize their operations by collecting, monitoring and efficiently reporting business critical data and desired intelligence from high-value remote assets. For more information, please visit www.calamp.com.
Statements in this press release that are not historical in nature are forward-looking statements that involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are intended to identify forward-looking statements. Actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including product demand, competitive pressures and pricing declines in the Company's wireless and satellite markets, the timing of customer approvals of new product designs, intellectual property infringement claims, the effects of the automatic federal budget cuts required pursuant to the sequester that took effect on March 1, 2013, interruption or failure of our Internet-based systems used to wirelessly configure and communicate with the tracking and monitoring devices that we sell, integration issues that may arise in connection with the Wireless Matrix acquisition, and other risks or uncertainties that are described in the Company's Registration Statement on Form S-3 that was declared effective by the Securities and Exchange Commission on February 11, 2013. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.