Geoforce, a portfolio company of LLR Partners, has completed previously announced acquisition of substantially all of the assets of Trakopolis SaaS Corp., a subsidiary of Trakopolis IoT Corp. (TSX-V: TRAK). Financial terms were not disclosed.
On November 7, 2019, Trakopolis IoT Corp. filed a Notice of Intention under the Bankruptcy and Insolvency Act (Canada) (BIA). Trakopolis IoT entered into a definitive agreement with Geoforce for the sale of Trakopolis SaaS on December 20, 2019.
As part of the transaction, substantially all of Trakopolis IoT’s employees will join Geoforce.
The purchase price will be used to repay indebtedness of Trakopolis SaaS and as such, no proceeds are expected to be payable to the shareholders (or debt holders) of Trakopolis IoT as a result of the transaction.
Osler Hoskin & Harcourt LLP and Norton Rose Fulbright Canada LLP acted as legal counsels to Trakopolis and Geoforce respectively. Alvarez & Marsal Canada ULC and Torys LLP acted for the trustee.
Combining a cloud-based software platform with ruggedized GPS tracking devices and global satellite and cellular networks, Geoforce’s Track and Trace solutions bring control to often chaotic field operations.
In December 2019, LLR Partners acquired a majority stake in Dallas, Texas based Geoforce and made a growth capital investment in the business.
photo credit: Trakopolis
GEOFORCE EXPANDS INTO CANADA WITH ACQUISITION OF TRAKOPOLIS
Transaction represents the company’s second acquisition in 10 months and further enhances its leadership in Industrial IoT (IIoT) and field asset tracking.
January 21, 2020 – Dallas, Texas, USA and Calgary, Alberta, CANADA – Geoforce, a leading provider of global traceability and Track and Trace solutions for field equipment and vehicles, announced today its Canadian subsidiary has acquired substantially all of the assets of Trakopolis SaaS Corp., a subsidiary of Trakopolis IoT Corp. (TSXV: TRAK).
Trakopolis provides enhanced global traceability solutions and advanced analytics that provide insight into core business operations such as fleet management, equipment utilization, maintenance reporting, and worker safety. Geoforce will integrate these capabilities with its world-leading global traceability solutions to serve over 1,300 customers in industries with intensive field operations and remote equipment including oil & gas, agriculture, construction, and transportation.
“We are thrilled to welcome the Trakopolis team and over 400 customers to the Geoforce family,” said James MacLean III, CEO of Geoforce. “Trakopolis’ customers and solutions are highly complementary and we look forward to continuing to innovate our combined product offering. We’re also excited to build upon Trakopolis’ leading position in Canada to further expand our global presence.”
“The combination of our technology platforms, customers, and teams will help accelerate cutting edge product development and build tremendous scale,” said Richard Clarke, CEO of Trakopolis, who will become General Manager, Geoforce Canada. “With its reputation for high-touch customer engagement, Geoforce will help drive continued success and ROI for Trakopolis’ customers.”
“This acquisition continues our 13-year history of growth and evolution,” said Vincent Hsieh, CFO of Geoforce. “By combining we can better serve customers with expanded presence and operational efficiencies. Most importantly, our core values are completely aligned. We are excited to join forces and accelerate Geoforce’s mission of building the world’s largest network of connected field equipment.”
Trakopolis is a Software as a Service (SaaS) company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles, and workers. The company’s asset management platform works across a variety of networks and devices. Trakopolis has a diversified revenue stream from many verticals including oil & gas, forestry, transportation, construction, rentals, urban services, mining, and others.
Combining a cloud-based software platform with ruggedized GPS tracking devices and global satellite and cellular networks, Geoforce’s Track and Trace solutions bring control to often chaotic field operations. With over 1,300 customers tracking more than 160,000 assets in over 90 countries, the company operates the world’s largest network of connected field equipment within the oil & gas industry, and its solutions are used in many other field operations intensive industries, including agriculture, construction, mining, transportation, logistics, and rail. Headquartered in Dallas, Texas, Geoforce has R&D offices in Bozeman, Montana, sales and support offices in Houston, Texas, Denver, Colorado, Arroyo Grande, California, Macae, Brazil, Melbourne, Australia, and Calgary, Canada, and sales and service professionals in West Texas and South Louisiana. For more information, visit www.geoforce.com.