Tuesday, September 2, 2014
Omnitracs Acquires XRS Corporation
San Diego-based Omnitracs, the developer of fleet management products and services for the transportation and logistics market, said this morning that it has agreed to acquire XRS Corporation, a fellow developer of fleet optimization software. The deal was worth $178M. According to Omnitracs, it paid $5.60 per share for XRS, which is majority owned by Trident Capital and Technology Crossover Ventures. Omnitracs was advised by Jeffries and Kirkland & Ellis on the deal, with financing from Royal Bank of Canada, Credit Suisse, and Guggenheim. XRS was advised by William Blair and Faegre Baker Daniels. Omnitracs is currently in the midst of moving to Texas.