Xata Corp. has purchased Turnpike Global Technologies for $20 million in cash and stock, the company has announced. The purchased coincided with the announcement that Xata has received $30 million in funding from Technology Crossover Ventures and Trident Capital.
Ontario-based Turnpike is a PDA-based fleet operations solutions provider and offers Xata the chance to enhance its position within the market for LTL and beverage small- to medium-sized fleets, the company said. In addition, the acquisition expands Xata’s PDA market and distribution through partners such as Sprint and AT&T.
Turnpike’s divisional management will remain in place, reporting to Xata’s executive team.
“This is an exciting milestone for our company,” said Brendan Staub, president & CEO of Turnpike. “Xata is a recognized leader of fleet optimization solutions and the perfect company for us to scale our growth. 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.”
The funding from Technology Crossover Ventures allows the purchase of Turnpike as well as the ability to eliminate debt and strengthen Xata’s balance sheet.
