CalAmp
{{Short description|American software company}}
{{Infobox company
| name = CalAmp Corporation
| logo = File:CalAmp_corporate_logo.png
| type = Private
| traded_as = {{NASDAQ was|CAMP}} (1983-2024)
| foundation = {{start date and age|1981}}
| founder =
| location_city = Irvine, California
| location_country = U.S.
| industry = {{ubl|Telematics|SaaS|IoT}}
| key_people = Chris Adams (CEO)
| products = {{ubl|CalAmp Telematics Cloud|iOn Telematics Services|CrashBoxx|iOn Tags, iOn Vision|LoJack|LoJack SureDrive|LoJack LotSmart|Telematics Devices|Here Comes The Bus|Bus Guardian}}
| services =
| revenue = {{ubl|{{nowrap|{{increase}} US$ 366.1 million (2020)}}
| {{nowrap|{{increase}} US$ 363.8 million (2019)}}}}
| homepage = {{URL|calamp.com}}
}}
CalAmp Corporation is an Irvine, California-based provider of Internet of things (IoT) software applications, cloud services, data intelligence and telematics products and services. The company's technology includes edge computing devices and SaaS-based applications for remotely tracking and managing vehicles, drivers, cargo and other mobile assets. The company also owns the patents and trademarks for the LoJack Stolen Vehicle Recovery System and provides connected car and lot management products.{{cite web|url=https://www.fool.com/investing/2017/12/30/where-will-calamp-corp-be-in-5-years.aspx |title=Where Will CalAmp Corp. Be in 5 Years?|website=fool.com |date=2017-12-30 |accessdate=2018-09-05}}
History
CalAmp was founded as California Amplifier Inc. in Newbury Park, California in 1981, by Jacob Inbar and David Nichols, who worked together at a microwave division of Eaton Corporation.{{cite web|url=https://www.latimes.com/archives/la-xpm-1986-07-20-fi-17338-story.html |title=Restructuring After Brush With Bankruptcy : Amplifier Firm Forced to Retune |website=Los Angeles Times |date=1986-07-20 |access-date=2018-09-05}} The company originally made amplifiers and other equipment used to transmit microwave signals for satellite video and broadband communications.{{cite web|url=https://www.sec.gov/news/digest/1983/dig101383.pdf |title=sec news digest|website=sec.gov |date=1983-10-13 |accessdate=2018-09-05}}{{cite web|url=http://www.ocbj.com/news/2016/may/16/calamp-move-oxnard-adds-tech-sector-here/ |title=CalAmp Move from Oxnard Adds to Tech Sector Here |website=Orange County Business Journal |date=2013-02-12 |accessdate=2018-09-05}}{{subscription required|date=June 2018}}{{cite web|url=https://www.latimes.com/archives/la-xpm-2002-dec-02-fi-calamplifier2-story.html |title=California Amplifier Stays Prepared |website=Los Angeles Times |date=2002-12-02 |access-date=2018-09-05}} The company began trading on NASDAQ in 1983.
By 1986, the company had relocated to Camarillo, California, and stopped making amplifiers for the consumer market.
In 1999, the company entered the direct broadcast satellite (DBS) market by acquiring Texas-based Gardiner Group, a satellite dish component provider.
In December 2003, the company acquired communications software company Vytek Corp, for $76.8 million.{{cite web|url=https://www.latimes.com/archives/la-xpm-2003-dec-24-fi-amplifier24-story.html|title=California Amplifier Agrees to Buy Vytek |website=Los Angeles Times |date=2003-12-24 |access-date=2018-09-05}}
In March 2004, the company relocated to Oxnard, California.{{cite web|url=http://d18rn0p25nwr6d.cloudfront.net/CIK-0000730255/3dae60a1-f7c0-49fb-a2ef-fae18e35f863.pdf|title= California Amplifier to Webcast Management Discussion of Vytek Corporation Pending Acquisition |website=cloudfront.net |date=2004-03-10 |accessdate=2018-07-13}} In August, the company changed its name to CalAmp Corp.{{cite web|url=https://www.multichannel.com/news/california-amplifier-call-us-calamp-260082|title=California Amplifier: Call Us CalAmp |website=Multichannel News |date=2004-08-04 |accessdate=2018-09-05}}
In May 2006, the company acquired Montreal, Canada-based wireless radio company Dataradio, to expand its wireless data communications business for public safety and machine to machine (M2M) applications.{{cite web|url=https://www.socaltech.com/calamp_completes_dataradio_buy_for__4m/s-0004129.html |title=CalAmp Completes Dataradio Buy For $54M|website=socaltech.com |date=2006-05-30 |accessdate=2018-09-05}} It also acquired the mobile resource management line from Carlsbad, California-based location tracking company TechnoCom to offer enterprise asset tracking and fleet management applications.{{cite web|url=https://www.rcrwireless.com/20060530/archived-articles/calamp-acquires-m2m-from-technocom |title=CalAmp acquires M2M from TechnoCom|website=rcrwireless.com |date=2006-05-30 |accessdate=2018-09-05}}
In 2007, the company acquired the Aercept Vehicle Tracking business from wireless telematics service provider AirIQ.{{cite web|url=http://www.gpsdaily.com/reports/CalAmp_Licenses_Patents_For_Vehicle_Location_Technology_To_SKYWATCH_GPS_999.html |title=CalAmp Licenses Patents For Vehicle Location Technology To SKYWATCH GPS |website=gpsdaily.com |date=2008-02-06 |accessdate=2018-09-05}}
By 2010, the company was focused on selling IoT hardware and DBS solutions.
In December 2012, the company announced the acquisition of Herndon, Virginia-based fleet management application provider Wireless Matrix Corp for $53 million.{{cite web|url=https://www.streetinsider.com/Mergers+and+Acquisitions/CalAmp+%28CAMP%29+to+Acquire+Wireless+Matrix+in+%2453M+Deal/7964463.html |title=CalAmp (CAMP) to Acquire Wireless Matrix in $53M Deal|website=streetinsider.com |date=2012-12-20 |accessdate=2018-09-05}}
In February 2013, the company announced a stock offering that was intended in part to fund the Wireless Matrix Corp purchase.{{cite web|url=https://www.pacbiztimes.com/2013/02/12/calamp-to-offer-4-2m-shares-to-fund-acquisition/ |title=CalAmp to offer 4.2M shares to fund acquisition |website=pacbiztimes.com |date=2013-02-12 |accessdate=2018-09-05}}
In April 2015, CalAmp bought telematics startup Crashboxx, a provider of a vehicle risk management system for insurance companies and fleet operators.{{cite web|url= https://seekingalpha.com/news/2437526-calamp-buys-insurance-telematics-startup-crashboxx |title=CalAmp buys insurance telematics startup Crashboxx |website=seekingalpha.com |date=2015-04-20 |accessdate=2018-09-05}}
By 2016, the company had phased out its DBS business and shifted its focus to SaaS-based telematics products and services. In February, CalAmp announced it was acquiring stolen vehicle recovery company LoJack Corporation, for $134 million, and the deal closed in March.{{cite web|url=https://www.wsj.com/articles/lojack-agrees-to-134-million-sale-to-calamp-1454363855 |title=LoJack Agrees to $134 Million Sale to CalAmp |website=wsj.com |date=2016-02-01 |accessdate=2018-09-05}}{{cite web|url=https://www.reuters.com/article/idUSASC08HLB|title=BRIEF-CalAmp completes acquisition of Lojack; sees q4 EPS of about $0.32 |website=reuters.com |date=2016-03-21 |accessdate=2018-09-05}} In April, the company announced it was moving its headquarters from Oxnard to Irvine, California.{{cite web|url=https://www.ocregister.com/2016/04/20/wireless-firm-calamp-to-shift-hq-to-irvine-from-oxnard/ |title=Wireless firm CalAmp to shift HQ to Irvine from Oxnard |website=ocregister.com |date=2016-04-20 |accessdate=2018-09-05}} In September, the company introduced the LoJack LotSmart automotive dealer inventory management solution and LoJack SureDrive connected car app.{{cite web|url=https://www.digitaltrends.com/cars/calamp-suredrive-lojack-gps-vehicle-tracking/ |title=Connected-car peace of mind now on tap with LoJack's SureDrive car security platform |website=digitaltrends.com |date=2016-09-07 |accessdate=2018-09-05}}
In March 2016, CalAmp acquired the LoJack company for $134 million.{{cite web|url=https://www.wsj.com/articles/lojack-agrees-to-134-million-sale-to-calamp-1454363855|title=LoJack Agrees to $134 Million Sale to CalAmp|website=wsj.com|date=2016-02-01|accessdate=2021-08-06}}
In January 2019, the company launched a smartwatch-sized pet tracking device called Maven, in conjunction with logistics software company CargoSense.{{cite web|url=https://www.ocbj.com/news/2019/jan/28/pet-tracking-device-new-market-calamp/ |title=Pet Tracking Device a New Market for CalAmp |website=Orange County Business Journal |date=2019-01-28 |accessdate=2019-01-29}} In March 2019, the company acquired two LoJack licensees, Car Track in Mexico, and Tracker in the United Kingdom.{{cite web|url=https://www.assetfinanceinternational.com/index.php/technology/technology-archive/technology-articles/18022-calamp-acquires-car-track-and-tracker-to-accelerate-global-expansion-of-connected-car-services |title=CalAmp acquires Car Track and Tracker to accelerate global expansion of connected car services |website=Asset Finance International |date=2019-03-04 |accessdate=2020-09-30}} In April, the company acquired fellow telematics provider Synovia Solutions for $50 million.{{cite web|url= https://www.automotive-fleet.com/329544/calamp-acquires-synovia-for-50m |title=CalAmp Acquires Synovia for $50M |website=The Automotive Fleet |date=2019-04-15 |accessdate=2020-09-30}} In March 2020, CEO Michael Burdiek retired, and was replaced by Jeff Gardner.{{cite web|url=https://www.ocbj.com/news/2020/jul/08/calamp-names-jeff-gardner-ceo-pres/ |title=CalAmp Names Jeff Gardner CEO |website=Orange County Business Journal |date=2020-07-08 |accessdate=2020-09-30}}
In 2024, CalAmp filed for Chapter 11 bankruptcy, allowing for a secured deal with its lenders to swap its $229 million in bonds for equity. The company stated that its financial state has been bleak for many years, blaming its acquisition of LoJack and an ill-fated program that stretches customer's payment terms.{{Cite web|url=https://www.wsj.com/articles/calamp-a-fleet-tracking-software-maker-files-for-bankruptcy-18e74f9f|title=CalAmp, a Fleet-Tracking Software Maker, Files for Bankruptcy|last=Yarek|first=Becky|date=June 3, 2024|access-date=June 5, 2024|website=The Wall Street Journal|language=en}} After CalAmp restructured, it was taken private by a company called Lynrock Lake LP.{{cite press release |title=Lynrock Lake Takes CalAmp Private |date=August 1, 2024 |agency= GlobeNewswire |url=https://www.globenewswire.com/news-release/2024/08/01/2922528/0/en/Lynrock-Lake-Takes-CalAmp-Private.html}}
References
{{reflist|30em}}
External links
- [http://www.calamp.com Official website]
Category:Companies based in Irvine, California
Category:Companies formerly listed on the Nasdaq
Category:Companies established in 1981
Category:Companies that filed for Chapter 11 bankruptcy in 2024
Category:Intelligent transportation systems