BSM Wireless announces pending $85 million merger with Webtech Wireless to create a leading global GPS asset tracking company.
The lucrative partnership brings together two key players in the Canadian telematics industry with a combined revenue of $58 million. Currently the two entities are in a definitive arrangement approved by the board of directors of both companies. Confirmation of the merger votes by Webtech and BSM shareholders, most of which are in favor of the merger. If all goes as planned, an intense integration phase will follow.
Both BSM and Webtech have adopted a vertical focus in their respective go-to-market strategies. BSM’s strong presence in rail will be complemented by Webtech’s success in the government and trucking verticals. By uniting their impressive research and development technologies, the combined company will have the scale to develop innovative products for its customers.
The two companies are excited for the growth opportunities this partnership unlocks, as captured by the CEO’s of both entities.
CEO of BSM Wireless:
“We are very excited about the potential to deliver accelerated growth, unlock financial leverage and establish a dominant position in targeted telematics verticals.”
CEO of Webtech Wireless
“We look forward to the increased financial and operational resources that this merger will provide, and we are excited about our future prospects.”
You can find more details about the pending merger in this press release.