Qualcomm is selling its recently renamed Omnitracs transportation technology division to U.S. private equity firm Vista Equity Partners for $800 million in cash.
It's a move that Derek Aberle, Qualcomm's executive vp & group president, hopes will spur further development of Omnitracs product offerings
“The opportunity for fleet management and telematics is evolving rapidly, and we believe Omnitracs is well positioned to continue its leadership position as a stand-alone entity,” Aberle said in a statement.
“Vista’s long-term investment focus and experience helping software, data and technology-enabled businesses drive growth is a great fit for the Omnitracs business and management team," he added.
The acquisition will include all of Omnitracs operations in the U.S., Canada and Latin America, including Sylectus and FleetRisk Advisors, which were acquired by Omnitracs in 2011.
Qualcomm added that it expects the sale of Omnitracs to be completed during the first quarter of its fiscal 2014 year.
