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CalAmp Corp. (CAMP) acquires Synovia Solutions for $50 million

  • 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.