CalAmp, Inc. (“CalAmp”), a telematics company that provides
products and solutions that help organizations monitor, track and
protect vital assets, is pleased to announce that it is now a
private company owned by Lynrock Lake Master Fund LP (“Lynrock
Lake” or “Lynrock”), a fund managed by Lynrock Lake LP. This
significant milestone marks a new beginning for CalAmp and reflects
the company's robust commitment to innovation and sustainable
profitable growth.
Swift Restructuring and Strong Financial
Position
CalAmp announced on June 3rd that to most efficiently complete
the go-private transaction, the company had voluntarily initiated
Chapter 11 proceedings. The plan was confirmed by the court on July
11th. During the restructuring process, CalAmp remained steadfast
in its mission to deliver leading solutions that empower businesses
and improve lives through differentiated telematics offerings. The
restructuring process enabled CalAmp to fortify its balance sheet
by eliminating $230 million of debt, enhance its cash flow
generation, and strengthen its operational efficiency. The company
achieved positive quarter-over-quarter revenue growth and improved
profitability in its most recently completed fiscal quarter, prior
to realizing the benefits of the restructuring. CalAmp is
positioned to be a strong, long-term partner with the resources to
invest in strategic initiatives that drive technological
advancements and expand its market presence.
Leadership and Vision
Under the new leadership of CEO Chris Adams and the dedicated
executive team, CalAmp navigated the restructuring process without
disrupting its operations. “We are excited to emerge from
restructuring with renewed vigor and a clear path forward,” said
Adams. “This restructuring provides us with the financial
flexibility to pursue new opportunities, invest in profitable
growth, enhance our product offerings, and deliver even greater
value to our customers.”
“I would like to thank CalAmp’s employees, customers, partners,
and stakeholders for facilitating a swift and successful
restructuring process,” said Cynthia Paul, the Chief Executive
Officer and Chief Investment Officer of Lynrock Lake LP and
Chairperson of the new board of directors of CalAmp. “When I look
at CalAmp, I see the ingredients required for long-term success:
critical technology that enables IoT, a compelling product
portfolio, differentiated solutions, a strong customer base, a
talented team, and exposure to growing markets. Lynrock has been
invested in CalAmp for nearly six years. I am excited to partner
with management on this next chapter of the company’s evolution in
order to capitalize on the large and growing opportunity ahead of
the company.”
Innovation and Market Expansion
CalAmp remains committed to its core values of innovation,
customer focus, and operational excellence. The company will
continue to leverage its expertise in telematics devices and
solutions to develop innovative offerings that address the evolving
needs of its global customer base across various industries,
including transportation, government, education, and industrial
markets. As CalAmp embarks on this new stage, it will continue to
foster strong relationships and deliver exceptional value to all
its customers.
For more information, visit www.calamp.com
About CalAmp
CalAmp provides flexible solutions to help organizations
worldwide monitor, track, and protect their vital assets. Our
unique device-enabled software and cloud platform enables
commercial and government organizations worldwide to improve
efficiency, safety, visibility, and compliance while accommodating
the unique ways they do business. With over 10 million active edge
devices and 220+ approved or pending patents, CalAmp is the
telematics leader organizations turn to for innovation and
dependability. For more information, visit calamp.com, or LinkedIn,
Twitter, YouTube or CalAmp Blog.
CalAmp, LoJack, TRACKER, Here Comes The Bus, Bus Guardian,
CalAmp Vision, CrashBoxx and associated logos are among the
trademarks of CalAmp and/or its affiliates in the United States,
certain other countries and/or the EU. Spireon acquired the LoJack®
U.S. Stolen Vehicle Recovery (SVR) business from CalAmp and holds
an exclusive license to the LoJack mark in the United States and
Canada. Any other trademarks or trade names mentioned are the
property of their respective owners.
Forward-Looking
Statements This announcement contains
forward-looking statements (including within the meaning of Section
21E of the U.S. Securities Exchange Act of 1934, as amended, and
Section 27A of the U.S. Securities Act of 1933, as amended)
concerning CalAmp. These statements include, but are not limited
to, statements regarding our expected future business and financial
performance and other statements identified by words such as such
as “may”, “will”, “expect”, “intend”, “plan”, “potential”,
“believe”, “seek”, “could”, “estimate”, “judgment”, “targeting”,
“should”, “anticipate”, “predict”, “project”, “aim”, “goal”, and
similar words, phrases or expressions. These forward-looking
statements are based on management’s current expectations and
beliefs, as well as assumptions made by, and information currently
available to, management, current market trends and market
conditions, and involve risks and uncertainties, many of which are
outside of our control, and which may cause actual results to
differ materially from those contained in forward-looking
statements. Accordingly, you should not place undue reliance on
such statements. Particular uncertainties that could materially
affect future results are included in our filings with the U.S.
Securities and Exchange Commission (“SEC”), including in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of our most recently
filed periodic reports on Form 10-K and Form 10-Q, which you may
obtain for free at the SEC’s website at http://www.sec.gov. We
undertake no intent or obligation to publicly update or revise any
of these forward-looking statements, whether as a result of new
information, future events or otherwise, which speak as of their
respective dates except as required by law.
CalAmp InvestorContact: |
CalAmp MediaContact: |
Jikun Kim |
Mark Gaydos |
SVP & CFO |
Chief Marketing Officer |
ir@calamp.com |
Mgaydos@calamp.com |