OXNARD, CA–(Marketwired – Apr 20, 2015) – CalAmp Corp. (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, announced today that it has acquired privately held Crashboxx™, an early stage technology company focused on insurance telematics applications across the entire auto insurance lifecycle, from driver risk assessment through claims processing automation. Consideration for the acquisition was $1.5 million in upfront cash and future earn-out payments based on post-acquisition sales.
Commenting on the acquisition, Michael Burdiek, President and Chief Executive Officer of CalAmp, said, “I am pleased to announce the acquisition of Crashboxx. Their proprietary driver behavior, crash detection, crash notification and physical and bodily damage estimation technologies are extraordinarily unique within the emerging insurance telematics marketplace. Innovations including automated first notification of loss and near real time estimation of damages and bodily injury could drive significant business efficiencies and return on investment for both insurance carriers and fleet managers. Once fully commercialized, I believe that the Crashboxx technology will play a critical role in expanding CalAmp’s growth prospects in this enormous and largely untapped market.”