QUALCOMM, Inc. (QCOM) Sold Omnitracs For $800 Million
QUALCOMM, Inc. (NASDAQ:QCOM) has sold their Omnitracs business unit to Vista Equity Partners for $800 million. Omnitracs started off as a fleet management and logistics company that supported the trucking industry in North America.
“In the late 1980’s, Qualcomm pioneered the use of commercial vehicle telematics with the introduction of the first mobile information system for transportation and logistics. As one of Qualcomm’s earliest businesses, Omintracs has maintained a leadership position within the industry for 25 years. Today, the opportunity for fleet management and telematics is evolving rapidly, and we believe Omnitracs is well positioned to continue its leadership position as a stand-alone entity,” stated Qualcomm Inc. EVP and group president Derek Aberle. “Vista’s long-term investment focus and experience helping software, data and technology-enabled businesses drive growth and leadership positions is a great fit for the Omnitracs business and management team. We look forward to witnessing their continued success together.”
This acquisition includes all Omnitracs operations in the U.S., Canada, and Latin America. This transaction has to receive clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions. It is expected to be completed in Q1 2014.