I.D. Systems, Inc., a provider of wireless systems for managing industrial vehicle fleets, has rebranded to become PowerFleet, Inc. after completing the acquisition of Pointer Telocation on Oct. 3.
The Woodcliff Lake, N.J.-based company (NASDAQ: PWFL) said it expects the rebranding of I.D. Systems to PowerFleet, in addition to its enhanced solutions offerings and global scale, will allow it to “strategically leverage technologies and solutions from one market to the next with the goal of increasing profitability and cash flow generation.”
“This is a logical branding change for the company, as many of the products we sell today have already been sold under the PowerFleet name in North America and the EU,” said PowerFleet CEO Chris Wolfe in a press release.
“Our newly empowered delivery team is capable of leveraging key technologies, such as image processing, machine learning, next-generation wireless technology, and a unique super-cap power supply, to connect the disparate pieces of the supply chain and illuminate inefficiencies and bottlenecks within business systems and operations,” he added.
PowerFleet, then I.D. Systems, announced its acquisition of Israel-based Pointer Telocation on March 14, 2019, for $140 million in cash and stock.
PowerFleet said its solutions are now used by more than 1,500 customers and operate on more than 500,000 mobile subscriber units globally. These assets include industrial trucks, tractors, trailers, containers, cargo, automobiles, service vehicles and delivery truck fleets.
The company’s new corporate umbrella will include three global brands: PowerFleet, Pointer Telocation and Cellocator. PowerFleet will be both the corporate entity name, as well as the primary brand for North America, while Pointer and Cellocator will remain the primary brands sold internationally.
David Mahlab has served as president and CEO of Pointer Telocation since February 2011. He has become PowerFleet’s CEO.
Powerfleet noted that shares of I.D. Systems common stock ceased trading on the Nasdaq Global Market and Pointer ordinary shares ceased trading on the Nasdaq Capital Market on Oct. 2. Pointer ordinary shares also ceased trading on the TASE on Oct. 3.
Meanwhile, shares of PowerFleet common stock commenced trading on the Nasdaq Global Market Oct. 3 and are expected to commence trading on the Tel Aviv Stock Exchange on Oct. 6, in each case under the “PWFL” ticker symbol, the company said.