Two fleet telematics vendors BSM Technologies and Webtech Wireless have announce last week their merger. Both companies are listed on the Toronto Stock Exchange.
The transaction is structured as a merger of equals with a combined transaction equity value of approximately $85 million.
The combined company has a total revenue of $58 million, of which $37 million is recurring service revenue, and Adjusted EBITDA of $4.75 million.
The new entity has 155,000 subscribers across Canada and the United States with a focus in rail, government, construction, trucking, and service verticals.
The combined company will be headquartered in Toronto, Canada, and will operate under the name BSM Technologies Inc. Andrew Gutman, Chairman and Chief Executive Officer of Webtech will become Chairman of BSM.