Canada: According to a recent news, BSM Technologies Inc. has announced the acquisition of AutoVision Wireless Inc.
Aly Rahemtulla, President and CEO of BSM, said: “This is a transformational acquisition for BSM. It significantly increases our EBITDA and recurring revenue base – giving us more than $14.5 million in combined annual recurring revenue – and is immediately accretive to earnings per share. This transaction also diversifies and strengthens our business from a geographic and market vertical perspective, as AutoVision has a strong presence in Western Canada and is well established in the energy, utility and construction sectors.”
Mr. Rahemtulla added: “The acquisition of AutoVision will create a stronger consolidated product platform and give us greater geographic reach, which will benefit the customers of both companies. The complementary product offerings and verticals also provide important cross-selling opportunities for our sales teams. In addition to these potential revenue synergies, we expect to realize annual cost savings of approximately $0.5 million as we bring the businesses together.”