Industrial vehicle management: I.D. Systems acquires U.K.-based didBOX
The purchase will extend I.D. Systems' product line and expand sales in Europe.
Staff -- Modern Materials Handling, 10/21/2009
I.D. Systems, Inc., a leading provider of wireless asset management solutions, announced that it has acquired didBOX, a privately-held manufacturer and marketer of vehicle operator identification systems based in the United Kingdom. The transaction makes didBOX a wholly owned subsidiary of I.D. Systems. The acquisition provides I.D. Systems with a well-established, successful operation targeting the UK vehicle access control market, complements I.D. Systems’ European subsidiary, Düsseldorf-based I.D. Systems GmbH, and enables I.D. Systems to supply a more comprehensive family of products to meet a broader range of client requirements.
“Our acquisition of didBOX expands I.D. Systems’ base of operations in Europe, gives us immediate relationships with a large family of high-quality customers in the UK, and provides us with more flexible solution options for prospects in the industrial vehicle management market,” said Jeffrey Jagid, I.D. Systems’ chairman and CEO.
“didBOX’s portfolio of access control solutions for industrial trucks is a strong complement to I.D. Systems’ industry-leading wireless vehicle management systems (VMS),” said Peter Fausel, I.D. Systems’ executive vice president of sales and marketing. “By acquiring didBOX, I.D. Systems can integrate a family of entry-level driver identification products, capitalize on a recognized brand name in the European material handling management market, and benefit from well established distribution partners in both the U.K. and Europe. We believe the didBOX acquisition will make I.D. Systems a more comprehensive supplier of supply chain technology—a ‘one-stop shop’ to address the needs of virtually any European industrial fleet.”
Nigel Russell, Managing Director of didBOX, added, “Becoming part of I.D. Systems is an exciting milestone in our development. Having laid a successful foundation—providing vehicle access control systems to the UK market over the last decade—we are now in a position to expand our product range to meet all client requirements and introduce our products into wider European and North American markets. In the current economic climate, it is great to see I.D. Systems confidently investing in growth and expansion.”
The all-cash transaction is valued at approximately $660,000, with $533,000 paid up front and the balance due 12 months from the contract date, based on achievement of certain revenue and operating profit targets. In its fiscal year ended May 31, 2009, didBOX realized a nominal profit on revenues of approximately $660,000.
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