Quick Take
Industrial IoT (Internet of Things) company ORBCOMM (NASDAQ:ORBC) has acquired the assets of telematics company inthinc Technology Solutions for $35 million in up front consideration and up to an additional $25 million in performance-based earn-out consideration.
Inthinc has created a telematics and fleet management system designed to improve efficiency and safety while providing compliance reporting for the industries of oil & gas, mining, utilities, services, and government worldwide.
This ‘stretch deal’ for inthinc should create strategic synergies on which ORBC can capitalize over the medium-term.