Orbcomm, a global wireless asset-tracking company, has acquired Euroscan, expanding its product line and ability to track refrigerated containers and trailers worldwide.
Euroscan equipment monitors the temperature of refrigerated trucks, trailers and containers, with 200,000 units installed worldwide, the companies said.
The acquisition gives Orbcomm “a significant distribution channel in Europe and other key geographies where Euroscan has market share,” said Marc Eisenberg, CEO of Orbcomm, in a written statement. Terms of the transaction were not immediately disclosed.
The company also noted today in its fourth quarter earnings report that the acquisition supports its long-term growth strategy of adding vertical expertise and new technologies. It posted quarterly revenue of $19.2 million, up 18.7 percent year-over-year, partially driven by gains from its acquisitions of GlobalTrak, MobileNet and SENS.
Orbcomm is a provider of wireless “machine-to-machine” or M2M solutions that facilitate asset tracking and monitoring via remote sensors, using satellite and cellular communications networks.
Netherlands-based Euroscan has been transitioning to wireless M2M systems in recent years, and has 10,000 wireless subscribers, the companies said. Tighter food safety regulations are driving expansion for Euroscan.