BSM buys Euro telematics firm

WOODBRIDGE, Ont. — Canadian wireless trucking solutions and tracking provider BSM Technologies has completed the acquisition of SecTrack NV, a European-based satellite telematics distribution company.

Under the terms of the acquisition, BSM acquires all of the issued and outstanding securities of SecTrack for about $2.5 million. BSM has also signed a management contract with the former owner of SecTrack to continue to manage the business.

Belgium-based SecTrack has an international market focus, distributing satellite telematics products throughout Europe, Asia, Africa, Central and South America. It has a network of more than 200 value-added resellers in over 38 countries. It has a subscriber base of more than 5,000 devices in active service and 17,000 registered units.

For the fiscal year ended December 31, 2006, it generated about $4.5 million in revenue.

“Telematics has become a crucial part of the international transportation and communications industries” said Nick Cirella, CEO of BSM. “By combining our expertise in Telematics and the VAR network of SecTrack, we will create an international Telematics offering unique in the marketplace to date.

“Our vision for SecTrack has always been to create a partnership of Telematics specialists around the world with strong local market knowledge. Market demand is showing the need for a hybrid, dual mode system, where a terrestrial and a satellite solution are combined.”