CalAmp, an Irvine-based Internet of Things company with operations in Oxnard, announced a deal Sept. 19 to acquire a minority stake in Munich, Germany connected car company ThinxNet.
The German startup uses technology to enable fuel payments by smartphone and create a network of gas stations.
The two companies said they had been working together since 2015 but did not provide the terms of the investment.
“We’re thrilled to have CalAmp as a partner and investor and look forward to developing new features for our users by collaborating with their expert R&D team,” said Johannes Martens, CEO at ThinxNet. “CalAmp’s extensive experience in serving large customers globally will be a key resource as we plan to extend our presence in additional European markets.”
ThinxNet is also working with insurance companies in Germany to provide usage-based insurance.
“ThinxNet has a great team, proven expertise and is disruptive in the connected car space,” said Michael Burdiek, president and CEO at CalAmp. “The evolution of this relationship demonstrates our focus on collaborating closely with partners in Europe to drive innovative solutions and business models in the emerging connected vehicle ecosystem and insurance telematics. With ThinxNet, we’re able to enhance our strong position in the space and be a catalyst for their growth.”
CalAmp closed a deal to buy LoJack last year for $134 million in a hostile takeover and partnered with Florida-based Autobrain in June on car tracking and driving assessment technology. Shares ended the day up 21 cents to $20.20, a gain of a little more than 1 percent.
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