Software provider Xata Corporation has purchased Ontario-based Turnpike Global Technologies in a $20 million deal
. The acquisition was possible through $30 million in funding Xata received from Technology Crossover Ventures (TCV) and Trident Capital.
Turnpike, which provides GPS tracking systems, trucking accounting systems and vehicle tracking systems, will operate as a division of Xata, reporting to the Xata executive team.
According to Xata, Turnpike's fleet operation applications, such as its end-to-end fuel tax process, will complement the Xatanet Fleet Performance Management solution.
"This alignment also reinforces our strategy of continuing to consolidate the market through strategic acquisitions," said Jay Coughlan, president and CEO of Xata. "With the Turnpike acquisition, we significantly expand the markets we service, more easily expand our hardware flexibility to PDAs and better fulfill our mission of serving the market overall."
Xata says the acquisition will allow it to expand into new markets, including small and medium-size fleets in North America and key vertical markets, such as less-than-truckload and beverage. With the acquisition, Xata has more than 100,000 systems deployed with over 1,400 customers across North America.
"Jointly, we can go to market with solutions ranging from self-explanatory products to totally integrated systems that will create exciting growth opportunities for our customers and our employees," said Brendan Staub, president and CEO of Turnpike.
. The acquisition was possible through $30 million in funding Xata received from Technology Crossover Ventures (TCV) and Trident Capital.
Turnpike, which provides GPS tracking systems, trucking accounting systems and vehicle tracking systems, will operate as a division of Xata, reporting to the Xata executive team.
According to Xata, Turnpike's fleet operation applications, such as its end-to-end fuel tax process, will complement the Xatanet Fleet Performance Management solution.
"This alignment also reinforces our strategy of continuing to consolidate the market through strategic acquisitions," said Jay Coughlan, president and CEO of Xata. "With the Turnpike acquisition, we significantly expand the markets we service, more easily expand our hardware flexibility to PDAs and better fulfill our mission of serving the market overall."
Xata says the acquisition will allow it to expand into new markets, including small and medium-size fleets in North America and key vertical markets, such as less-than-truckload and beverage. With the acquisition, Xata has more than 100,000 systems deployed with over 1,400 customers across North America.
"Jointly, we can go to market with solutions ranging from self-explanatory products to totally integrated systems that will create exciting growth opportunities for our customers and our employees," said Brendan Staub, president and CEO of Turnpike.
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