Tuesday, September 2, 2014

Omnitracs Buys XRS Corporation

Fleet management software developer Omnitracs, which is in the midst of moving to Dallas, said this morning that it has agreed to acquire XRS Corporation, a developer of mobile fleet optimization software. The deal is worth $178M. XRS develops software used by trucking companies to manage their fleets. XRS Corporation was owned by Trident Capital and Technology Crossover Ventures. Omnitracs was advised by Jeffries and Kirkland & Ellis on the deal, with financing from Royal Bank of Canada, Credit Suisse, and Guggenheim. XRS was advised by William Blair and Faegre Baker Daniels. Omnitracs said in July that it was moving its headquarters to Dallas.