Could Omnitracs be For Sale?
Vista Equity Partners, owner of Omnitracs, is in the process of exploring a sale of the trucking technology provider, according to multiple media reports.
Omnitracs was initially part of Qualcomm Inc., the company credited with introducing wireless onboard communications to trucking industry in the late 1980s. Qualcomm sold the Omnitracs division to Vista in 2013 for $800 million, believed to be the largest deal in the commercial vehicle telematics sector.
Omnitracs has a large trucking customer base, many dating back to the Qualcomm days, and provides software that tracks driver, engine and vehicle performance.
According to the Dallas Business Journal, Vista “has secured high-powered investment banks” to explore a sale, which could approach $2 billion.
Earlier this year, Omnitracs announced its partnership with Peloton Technology to bring platooning technology to Omnitracs customers in the coming years. It also unveiled new product updates at its user conference earlier this year.