[Satnews] ORBCOMM Inc. (Nasdaq: ORBC), a global provider of Machine-to-Machine (M2M) and Internet of Things (IoT) solutions, today announced that it has entered into a definitive agreement to acquire substantially all the assets of WAM Technologies LLC (WAM), an affiliate of Mark-It Services, Inc. Based in Skillman, New Jersey, WAM is a leading provider by market share of remote wireless management and control solutions for ocean transport refrigerated containers and related intermodal equipment on a global basis.
WAM’s product offering is uniquely suited to monitor the temperature and location of refrigerated containers for global shipping companies and international produce companies. WAM’s solution has already been deployed globally by AT&T in order to serve one of the largest shipping companies in the world.
The acquisition of WAM expands and strengthens ORBCOMM’s industry-leading cold chain monitoring solutions, which include trailers, rail cars, gensets and now sea containers. With the addition of WAM’s installed base, ORBCOMM becomes the clear leader in monitoring cargo shipments. By leveraging WAM’s incremental technology and capabilities, ORBCOMM’s potential market reach in cold chain transportation expands by more than one million additional assets worldwide as reported by World Cargo News in November of 2014.
“WAM is a natural addition to ORBCOMM’s offerings. They are a leader in refrigerated sea container telematics supporting a strong base of customers. Their patented M2M technology and powerful software platform completes ORBCOMM’s cold chain offering, enabling us to now deliver best-in-class solutions for nearly all refrigerated asset types,” said Marc Eisenberg, ORBCOMM’s Chief Executive Officer. “Through the acquisition of WAM, we can serve a broader scope of transportation customers and access a significantly large untapped market worldwide.”
WAM is a subsidiary of Mark-It Services, Inc., a privately-held company that supports logistics companies by maintaining their assets across North America. WAM has approximately 40 employees throughout North America, India and Australia. The WAM employees located in Hyderabad, India are expected to be co-located with ORBCOMM’s software development facility in India over the coming months.
“We have had a long history of cooperation with ORBCOMM, providing refrigerated protective services, and their market leadership and expertise in refrigerated transportation makes them a great fit for WAM,” said Mark Heck, Mark-It Services, Inc.’s Chief Executive Officer. “We look forward to continue working closely with ORBCOMM to provide our mutual customers around the globe with the most comprehensive, real-time refrigerated asset information available.”
ORBCOMM was advised by Near Earth LLC on this transaction. The transaction is expected to close in early October.
