Teletrac & Navman Wireless announce merger
The combined company will be run by an executive management team selected from both Teletrac and Navman Wireless. TJ Chung, Navman Wireless president, will lead the joint company.
The company will continue to operate under both the Navman Wireless and Teletrac brands and fully support all current customers and platforms in its ongoing goal to drive the industry forward.
"It became clear in our race to being the predominant global GPS fleet and asset tracking solution, that the leverage of combining Navman Wireless and Teletrac was in the clear best interest of both companies' current and future customers. We realized that both companies were highly synergistic and we had the opportunity to leap forward by partnering strength on strength," Chung said.
The combined resources of Navman Wireless and Teletrac will expand the company to a more geographically diverse market, with offices across the globe in multiple continents.
"We believe more and more companies will want to partner with a global leader that holds a strong track record of customer success," Chung noted.
The firms added that the consolidated engineering teams of Navman Wireless and Teletrac will create an “industry-leading” R&D budget, paving the way for future innovation in the telematics space at a level greater than currently seen in the market.
"We expect that both Navman Wireless and Teletrac customers will be able to greatly leverage the enhanced feature set in the coming years as a result of this combination. Further, our future customers will see the added benefit of leveraging innovations from two leading companies," noted Mike Jarvinen, VP of Marketing for the joint company.