- Synovia a leader in fleet safety and management
- Posted double-digit revenue growth in 2018
CalAmp Corp. (NASDAQ: CAMP) has acquired Synovia Solutions in a $50 million cash deal as it looks to expand its fleet management and vehicle safety services. The tech solutions pioneer has pivoted to high-value subscription services in recent months and the latest deal will help to increase margin expansion. Synovia posted recurring revenue of more than $28 million from its SaaS model last year. “This acquisition brings high-value, low-churn subscribers that are expected to bolster our recurring revenue from software and services to more than 30% of consolidated revenue and expands our market reach,” CalAmp CEO, Michael Burdiek said.