I.D. Systems, Inc., Woodcliff Lake, N.J., entered into a definitive agreement to acquire substantially all of the assets of Keytroller, LLC, a Tampa, Fla.-based manufacturer and marketer of a wide range of electronic products for managing forklifts, construction vehicles and other industrial equipment, for $9 million.
Beginning in the third quarter of 2017, Keytroller’s results will be included as part of I.D. Systems’ industrial truck management product line.
The two companies’ market positions and distribution channels are highly complementary. I.D. Systems sells its flagship PowerFleet industrial truck management systems primarily to large global enterprises and through lift truck manufacturers, while Keytroller markets most of its products through a large network of lift truck dealers to small and medium-size end users.
By combining Keytroller’s mid-range and economy products with PowerFleet, I.D. Systems becomes a single source of fleet management technology for industrial truck owners and operators. The acquisition also gives I.D. Systems a new source of industrial truck usage data for its PowerFleet IQ analytics database.
“We are encouraged by the organic growth reflected in our preliminary second quarter revenue, and excited by our planned acquisition of Keytroller,” says Chris Wolfe, chief executive officer of I.D. Systems. “Keytroller’s business complements our industrial truck management segment incredibly well, from product mix and market position to sales cycle and customer diversification. The acquisition should contribute immediately to I.D. Systems’ revenue and profitability, as well as position the company to achieve a more predictable, profitable revenue stream from a much more diverse customer base. We look forward to integrating Keytroller’s operations smoothly into our corporate family, and leveraging the benefits of this acquisition, as we continue to focus on future growth.”
The acquisition is expected to close before the end of July.