World News: BSM Technologies acquires SecTrack for €1.6m

World News:  BSM Technologies acquires SecTrack for €1.6m

Canada-based BSM Technologies has completed the acquisition of European-based satellite telematics distribution company, SecTrack.

The acquisition was announced in December 2006, but the name of the target company was not disclosed.

Under the terms of the deal, BSM has acquired all of the issued and outstanding securities of SecTrack for €1.6 million in cash, of which €300,000 is subject to a holdback based on the achievement of certain financial objectives to be met by SecTrack.

BSM has also signed a management contract with the former owner of SecTrack to continue to manage the business.

SecTrack distributes satellite telematics products throughout Europe, Asia, Africa, Central and South America, and has a network of more than 200 value-added resellers in almost 40 countries.

For the year-ended December 2006, SecTrack generated approximately €2.92 million in revenue. The company was earnings positive, and ended the year with no long-term liabilities.

BSM Technologies designs, manufactures and markets a comprehensive line of automatic vehicle security & tracking solutions through its subsidiary BSM Wireless.

According to SecTrack CEO Luc Martens, market demand is showing the need for a hybrid, dual mode system, where a terrestrial and a satellite solution are combined, and SecTrack believes that BSM has the best of breed dual mode solution available on the market today.

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