Omnitracs, LLC said it has agreed to acquire mobile fleet optimization software provider XRS Corp. (NASDAQ: XRSC) for USD5.60 per share of XRS, which equates to USD178m in equity value.
XRS delivers software solutions that help trucking companies manage their fleets, comply with regulations, and reduce operating costs. XRS has led the trucking industry´s migration to mobile devices for collecting and analyzing compliance and management data.
Both Omnitracs and XRS have been pioneers in developing fleet management and compliance technology. The combined company will continue to provide products and services that help fleets stay safe and improve productivity.
Jefferies acted as financial advisor to Omnitracs. Kirkland and Ellis acted as legal counsel to Omnitracs. Committed financing for the transaction is being provided by Royal Bank of Canada, Credit Suisse, and Guggenheim. William Blair acted as financial advisor to XRS Corp. Faegre Baker Daniels acted as legal counsel to XRS Corp.
Omnitracs is a provider of fleet management solutions including software applications, information services, and hardware platforms for private and for-hire fleets. The company´s intuitive technologies, including solutions for safety and compliance, fuel efficiency, driver retention, fleet productivity, GPS fleet tracking, and fleet maintenance, enable its customers to solve common fleet problems and achieve their business objectives. For more information, visit www.omnitracs.com.
XRS Corp. delivers fleet management and compliance software solutions to the trucking industry to help maintain regulatory compliance and reduce operating costs. For more information, visit http://xrscorp.com/.