Vista Equity Partners Completes Acquisition of Omnitracs. Omnitracs Announces Agreement to Acquire Roadnet Technologies
Together, Omnitracs and Roadnet will provide the broadest range of transportation and fleet management solutions to drive new levels of performance from supply chain origin to last-mile.
SAN DIEGO - November 25, 2013 - Vista Equity Partners, LLC (Vista) today announced it has completed its acquisition of Omnitracs, Inc., formerly a subsidiary of Qualcomm Incorporated. In conjunction with this announcement, Omnitracs announced that it has signed a definitive agreement to acquire Roadnet Technologies, Inc. (Roadnet), a leading provider of fleet management software solutions for private fleets.
Both Omnitracs and Roadnet have industry leading positions, proven product offerings, loyal and satisfied customers, and deep domain expertise within their employee bases. Leveraging its experience with numerous other vertically oriented software and data-enabled businesses, Vista is uniquely qualified to help the combined company achieve continued growth, product expansion and world-class customer service.
Roadnet, based in Baltimore, Maryland, is a leading provider of routing, scheduling, optimization and mobile resource management software solutions in the U.S. and internationally. Roadnet's fleet management platform enables its customers to solve complex transportation problems in a simple manner. "Roadnet is excited to become part of the Omnitracs and Vista family. Our solutions are very complementary and together we can enable our customers to achieve even greater levels of leadership in fleet management, safety, compliance and efficiency," said Len Kennedy, Chief Executive Officer of Roadnet. Roadnet will continue to operate independently as a separate division within Omnitracs.
The combined company will offer the broadest portfolio of data-driven software, information and analytic solutions focused on (i) driver safety, compliance and productivity, (ii) operator planning, routing and resource management, and (iii) vehicle management, maintenance and fuel efficiency. "We look forward to partnering Omnitracs and Roadnet to form a fleet and mobile resource management platform that will deliver a broad array of best-of-breed solutions for their respective market segments while collaborating on a set of key growth initiatives," said Robert Smith, Chief Executive Officer of Vista Equity Partners.
Omnitracs is also announcing the appointment of John Graham as the Chief Executive Officer and Jordan Copland as the Chief Financial Officer of the newly combined stand-alone organization. John is joining from Intergraph Corporation, where he has served as President of the Security, Government and Infrastructure Division, a global business that provides geospatial, mobility and resource management technologies to both government and commercial industries. Prior to this, he held senior level positions at UGS, now Siemens PLM, as well as other leading technology companies, both public and private. John is also a former Naval Officer. Jordan Copland brings 13 years of strategic financial leadership experience including CFO roles at Harbor Freight Tools and GSI Commerce. Jordan also held a number of senior finance and business development positions during his 9 year tenure at the Walt Disney Company.
"I am thrilled to be joining the combined Omnitracs and Roadnet. The transportation and logistics industry is so important to our economy, and the solutions that we provide to our customers are really mission-critical to their daily operation. The history of innovation and industry leadership as well as the opportunity that lies ahead is truly exciting, and I look forward to engaging with the employees of both companies to expand that leadership and go capture that opportunity," said John Graham, Chief Executive Officer at Omnitracs. Together, Omnitracs and Roadnet will serve nearly 3,800 customers with more than 500,000 vehicles, in over 60 different countries.
The closing of the Roadnet transaction is expected to be completed in December 2013 and is conditioned upon, among other things, clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions.
Evercore served as adviser to Vista Equity Partners on the acquisition of Omnitracs.
Omnitracs is the leading provider of fleet management software applications, information services, and hardware platforms. The companyís intuitive technologies, including solutions for safety and compliance, fuel efficiency, driver retention, GPS fleet tracking, and fleet maintenance, enable its customers to solve common fleet problems and achieve their business objectives. Omnitracs pioneered the fleet telematics industry over 25 years ago and continues to serve over 2,500 private and for-hire fleet customers and more than 270,000 vehicles throughout North American and Latin America. For more information, please visit www.Omnitracs.com.
About Roadnet Technologies
Roadnet Technologies is a leading provider of fleet management and logistics software applications that provide strategic territory and street-level route plans, multi-stop vehicle routing and scheduling, wireless dispatch and proof of delivery, and real-time GPS tracking. With over 3,400 customer installations worldwide, Roadnet solutions are successful in managing more than 250,000 vehicles each day. For over 30 years, the company has helped its customers reduce fuel spending, unnecessary miles, and carbon emissions, while increasing productivity and improving service to their customers. For more information, visit www.Roadnet.com.
About Vista Equity Partners
Vista Equity Partners, a U.S. based private equity firm with offices in Austin, Chicago and San Francisco, currently invests over $7.8 billion in capital committed to dynamic, successful technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vistaís investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For further information please visit www.vistaequitypartners.com.