I.D. Systems, the Woodcliff Lake-based maker of wireless logistics solutions, has completed a previously announced acquisition and rebranded as PowerFleet Inc., it announced Thursday.
PowerFleet, which specializes in Internet of Things and machine-to-machine solutions, wrapped up its $140 million deal for Pointer Telocation Ltd., expanding its industrial IoT product range.
“While the company’s name has changed, our people and purpose have not,” Chris Wolfe, PowerFleet’s CEO, said in a prepared statement. “This transformation is directly in line with our core mission, which is to provide our customers with powerful products and services that help them meet their customers’ needs and grow their businesses.”
I.D. Systems had sold multiple products under the PowerFleet name in North America and Europe, Wolfe said. Its brands will now fall under three umbrellas: PowerFleet, Pointer Telocation and Cellocator.
PowerFleet will be the primary North American brand, as well as the company name, while Pointer and Cellocator will be primary brands internationally.
Shares of both I.D. Systems and Pointer ceased trading Wednesday, with PowerFleet shares beginning trading Thursday on the Nasdaq Global Market.
Canaccord Genuity LLC acted as financial adviser to I.D. Systems, while Olshan Frome Wolosky LLP and Goldfarb Seligman & Co. were its legal advisers. ROTH Capital Partners LLC was Pointer’s financial adviser, while ZAG-S&W LLP was its U.S. and Israeli legal adviser. Lowenstein Sandler LLP and Meitar Liquornik Geva Lesham Tal was legal adviser to Abry Partners, which co-funded the acquisition.
