CANTON, Mass., Oct. 27, 2014 /PRNewswire/ -- LoJack Corporation (NASDAQ: LOJN), a provider of vehicle theft recovery and advanced fleet management solutions, today announced a strategic alliance with leading international telematics provider Trackunit A/S. This agreement enables both companies to strengthen their positions as leading providers of commercial equipment telematics solutions.
LoJack is launching LoJack® Connect for Equipment, leveraging its longtime market presence in the commercial equipment space. The companies will introduce the new ruggedized commercial equipment tracking products in both the United States and Canada.
The construction industry is increasingly adopting telematics solutions as they provide a positive return on investment from monitoring equipment usage, conducting preventative maintenance at proper intervals and optimizing overall equipment use to minimize costs and maximize returns. According to industry expert estimates, well over a million pieces of equipment are in use in the construction industry across the United States, and their owners are adopting telematics in increasing numbers. To meet those growing market demands, LoJack and Trackunit will work in partnership to deliver breakthrough products and services to enhance the management, serviceability and efficiency of off-road equipment. Together, the companies will deploy a number of new solutions to serve customers ranging from original equipment manufacturers to major rental firms and construction contractors.
"This alliance will instantly bring to market new telematics and off-road fleet management solutions for the construction industry in the United States" said Svend M. Hansen, CEO of Trackunit. "We are very excited about the opportunity to work closely with LoJack to expand our global presence and see the fit between our two companies as a perfect match for this strategic alliance in North America"
"Our collaboration with Trackunit will strengthen LoJack's existing alliance for on-road fleet management with off-road technology solutions and will provide significant business growth opportunities for both companies," said Randy Ortiz, President and CEO of LoJack Corporation. "With the introduction of a full suite of telematics solutions for the construction equipment industry, we look forward to a successful alliance with Trackunit that leverages our long standing relationships with key clients in this segment. LoJack Connect for Equipment will provide a new level of professional asset management that will complement our LoJack Stolen Equipment Recovery solution that has recovered millions of dollars of high value equipment and provided outstanding ROI for our clients. Recent wins in the telematics segment – including with Fortune 500 companies – have shown us that the momentum is building behind both our on-road fleet management solution (in alliance with TomTom Telematics) and with our off-road equipment solution with Trackunit."
LoJack is already in trials with key accounts that have provided significant input to the project and expansion plans. LoJack will be actively selling LoJack® Connect for Equipment in the fourth quarter of 2014.
About LoJack Corporation
LoJack Corporation has helped millions of people protect their vehicles in the event of theft over the past 25 years, and today provides safety, security and protection for an ever-growing range of valuable assets and people. Leveraging its core strengths, including its well-known brand, direct integration with law enforcement and dealer distribution network, LoJack Corporation is expanding into new areas across the continuum from theft recovery to fleet and equipment management services. The Company is focusing on creating a new level of value for its dealer, customer, international licensees, and investors by delivering innovative offerings, in expanding geographies.
About Trackunit A/S
Trackunit A/S is a leading provider of global telematics solutions for machinery and vehicles. The company's fleet management system helps companies effectively manage fleets of construction machinery, trucks, company cars, service vehicles and more in order to optimize business processes and improve bottom line results. The system is utilized worldwide by leading machine manufacturers, equipment rental companies and contractors especially within the construction sector. Trackunit A/S was established in 1998 and is headquartered in Pandrup, Denmark and is considered the leading independent provider of machine telematics solutions in EU.
For more information, visit www.trackunit.com
Construction industry equipment in force estimates provided by C.J, Driscoll & Associates
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SOURCE LoJack Corporation