IRVINE, Calif. and MUNICH, Sept. 19, 2017 /PRNewswire/ -- CalAmp (NASDAQ: CAMP), a telematics pioneer leading transformation in a global connected economy, and ThinxNet GmbH, a leading German-based, user-driven connected car company, today announced that CalAmp has made an equity investment for a minority stake in ThinxNet.
"ThinxNet has a great team, proven expertise and is disruptive in the connected car space," said Michael Burdiek, president and chief executive officer at CalAmp. "The evolution of this relationship demonstrates our focus on collaborating closely with partners in Europe to drive innovative solutions and business models in the emerging connected vehicle ecosystem and insurance telematics. With ThinxNet, we're able to enhance our strong position in the space and be a catalyst for their growth."
ThinxNet brings to market a host of consumer and enterprise automotive Internet of Things (IoT) smart technology. Their TankTaler application enables smartphone-based fuel payments in Germany. The application directs consumers to a network of participating gas stations and provides a range of telematics information. ThinxNet is also working on usage based insurance (UBI) opportunities with major German car insurance companies.
"We're thrilled to have CalAmp as a partner and investor and look forward to developing new features for our users by collaborating with their expert R&D team," said Johannes Martens, chief executive officer at ThinxNet. "CalAmp's extensive experience in serving large customers globally will be a key resource as we plan to extend our presence in additional European markets."
Terms of the investment were not disclosed. The companies have been working together since 2015, with CalAmp providing telematics devices for ThinxNet solutions.
CalAmp (NASDAQ: CAMP) is a telematics pioneer leading transformation in a global connected economy. We help reinvent businesses and improve lives around the globe with technology solutions that streamline complex IoT deployments and bring intelligence to the edge. Our software applications, scalable cloud services, and intelligent devices collect and assess business-critical data from mobile assets, cargo, companies, cities and people. We call this The New How, powering autonomous IoT interaction, facilitating efficient decision making, optimizing resource utilization, and improving road safety. CalAmp is headquartered in Irvine, California and has been publicly traded since 1983. LoJack is a wholly owned subsidiary of CalAmp. For more information, visit calamp.com, or LinkedIn, Twitter, YouTube or CalAmp Blog.
ThinxNet GmbH provides an online platform connecting cars to the internet and delivering a broad range of services to end consumers and B2B customers via OBD2 hardware and the TankTaler application. With the application users can retrieve relevant car positioning data, driving statistics and vehicle status data as well as execute payment at the gas station while accumulating cash rewards. ThinxNet works closely with insurance companies, oil distribution providers, car service companies and big data players. ThinxNet was founded 2014 in Munich, Germany. For more information, please visit www.thinxnet.com.
CalAmp is among the trademarks of CalAmp and its subsidiaries in the United States, certain other countries, and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.