iGen Networks has agreed a takeover of asset-tracking player Nimbo it says is aimed at extending its leadership position in M2M markets.
The cloud-computing company plans to issue 2.5 million shares of its common stock to secure full ownership of Nimbo (Murrieta, CA, USA), and is aiming to close the deal by the end of this month.
Nimbo offers what it calls consumer-safety solutions for the automotive and power sport industries and claims to have more than 10,000 asset activations to date.
Its real-time GPS tracking and management system is designed to protect valuable assets and also comes with a device integration and self-provisioning platform.
Last year, Nimbo made revenues of more than $1 million, with approximately 6,000 new subscriber activations.
“The M2M industry is expected to be the largest growth engine for network operator revenues, and with solutions like Nimbo, iGen [Alexandria, VA, USA] is positioned to secure industry leadership,” said Neil Chan, iGen’s chief executive.
News of the takeover comes shortly after iGen said it was on track to launch its new fleet service platform early in the fourth quarter.
The company secured an M2M global license agreement in January and says it has already enabled a broad range of M2M applications to support commercial fleets and automotive assets.
The Nimbo takeover will clearly support efforts to help end users recover stolen assets and enable self-management of commercial fleets.
iGen also announced management changes at its Gogiro Internet Group subsidiary, promoting Richard Freeman to the position of president and chief executive and naming Phoebe Young as Gogiro’s chief operating officer.
iGen owns 31% of Gogiro and says it will continue to help it develop new and innovative distribution and marketing channels.
“Integration of our infrastructure with proven M2M applications has progressed well with our first anchor prospects identified for fleet management services,” said Chan. “I’m also pleased with our progress with Gogiro and with Richard’s promotion and Phoebe’s appointment as our new management team at Gogiro.”