XATA Corporation Signs Definitive Agreement to Acquire GeoLogic Solutions, Inc. |
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Xata Corp.
151 E. Cliff Rd.
Burnsville, MN, 55337
USA
Press release date: December 20, 2007
MINNEAPOLIS, Dec. 20 -- XATA Corporation (NASDAQ:XATA), today announced the signing of a definitive agreement to acquire GeoLogic Solutions, Inc., ("GeoLogic") for approximately $17.5 million. Consideration for the transaction will be paid in approximately 87 percent cash, 11 percent in notes of XATA and 2 percent in XATA common stock at the time the transaction closes. The transaction is expected to close in the first calendar quarter of 2008 and closing is subject to certain closing conditions.
Based in Herndon, VA, GeoLogic provides the commercial trucking industry with wireless asset management solutions that reduce operational costs while increasing overall efficiency. Its mobile communications and tracking system, MobileMax(TM), is installed on hundreds of fleets, representing more than 35,000 trucks, across the U.S. GeoLogic is also a Mobile Virtual Network Operator and provides third-party wireless data services through its CrossBridge Solutions platform.
"The acquisition of GeoLogic, when completed, opens the door to new software subscribers in the for-hire segment of the trucking industry. Combined with our expertise in the private fleet segment, this acquisition will provide a platform for significant growth within the over-the-road transportation sector," said Jay Coughlan, XATA chairman and CEO. "The combination of our two companies will broaden XATA's footprint in the market and further leverage GeoLogic's technology and professional staff."
About XATA
Based in Minneapolis, MN, XATA Corporation (NASDAQ:XATA) is an expert in optimizing fleet operations by reducing costs and ensuring regulatory compliance for the trucking industry. With the introduction of XATANET in 2004, our customers now have access to vehicle data anywhere, anytime, through a fee-based subscription service. Our software and professional services help companies manage fleet operations, enhance driver safety and deliver a higher level of customer satisfaction. XATA provides expert services to develop the business processes required to deliver the profitability, safety and service level demanded by today's competitive transportation environments. XATA was the first company to introduce electronic driver logs and exception-based management reporting. Today, XATA systems increase the productivity of more than 62,000 trucks at 1,925 distribution centers across North America. For more information, visit http://www.xata.com/ or call 1-800-745-9282.
Source: XATA Corporation
CONTACT:
Mark Ties CFO of XATA Corporation +1-952-707-5600 mark.ties@xata.com
Web site: http://www.xata.com/
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