We now have a complete technology platform that will allow us to turn traditional material handling vehicles into smart trucks that automate data collection and reporting.
New Castle, Del (PRWEB) October 05, 2011
TotalTrax, Inc. (TotalTrax or Company) today announced it has acquired the equipment monitoring product line of ShockWatch, Inc., a global leader in developing and manufacturing damage prevention products. ShockWatch is a wholly owned subsidiary of Media Recovery, Inc. Terms of the acquisition were not disclosed.
TotalTrax is the new company formed via the merger of Rush Tracking Systems (http://www.rushtrackingsystems.com) and Sky-Trax, Inc. (http://www.sky-trax.com). The merger was completed in July 2011. TotalTrax is a portfolio company of Pharos Capital Group (Pharos), a private equity firm with $600 million in capital under management. Pharos supported both the merger and this acquisition with an additional investment. Concurrent with the acquisition of the equipment monitoring product line, the Company announced its new name, TotalTrax, Inc.
The acquisition creates the leading provider of real time vehicle, driver and inventory tracking technologies for manufacturing and warehouse operations. As an integrated company, TotalTrax will continue to offer individual products as well as offer completely integrated solutions that include safety compliance, fleet management, asset tracking and reporting tools for a complete solution that delivers maximum benefit and visibility to operations. By automating the real-time tracking and management of vehicles and drivers, customers are able to reduce or eliminate the inaccuracies normally associated with operator input, create safer operating environments and benefit from documented productivity gains.
The acquisition of the Equipment Monitoring division includes products such as ShockWatch EquipManager®, FleetControl® Manager, ImpactManager®, software and services, as well as the associated employees including the field sales and service organizations. Almost 100,000 units have been installed on fork trucks through direct and OEM dealer channels in North America and Distributors in Australia, New Zealand, Europe, Asia, Latin and South America. These channels combined with an existing global network of direct sales executives and Value Added Resellers will insure continued growth and customer support.
“This acquisition represents the next phase of our growth strategy,” said Mike Kinnard, CEO of TotalTrax. “The ShockWatch products and employees have tremendous reputations in the market place and we plan to strengthen both with additional investment. We are confident that the current ShockWatch customer base will be interested in the additional tracking, reporting and business intelligence tools we now offer, making this transaction a win for all our customers, partners and dealer networks,” Kinnard concluded.
“The addition of the ShockWatch Equipment Monitoring division will position us to be the leading supplier of fork truck centric solutions,” stated Toby Rush, President of TotalTrax. “We now have a complete technology platform that will allow us to turn traditional material handling vehicles into smart trucks that automate data collection and reporting.”
Anna Kovalkova, Vice President of Pharos Capital Group added, “This acquisition represents the next synergistic investment to complement the merger of Rush Tracking Systems and Sky-Trax and transforms the Company into a leading vertically integrated provider of smart truck products with a global footprint.”
TotalTrax will be headquartered in New Castle, DE with regional locations in Kansas City, KS and Graham, TX.
About TotalTrax, Inc.
TotalTrax, Inc. is the leading provider of real time vehicle, driver and inventory tracking technologies for manufacturing and warehouse operations. Offering a complete technology platform that transforms traditional material handling vehicles into “smart trucks”, TotalTrax provides solutions that automate data collection and reporting for materials handling operations. With patented hardware, software, reporting and business intelligence tools, TotalTrax delivers substantial value in safety, fleet utilization, labor productivity and inventory accuracy. By automating vehicle usage, maintenance, impacts and lift truck load and location visibility data, customers are able to reduce or eliminate the inaccuracies normally associated with operator input. The resulting business intelligence provides the insight needed to implement immediate improvements resulting in documented productivity gains.
About Pharos Capital Group, LLC
Based in Dallas and Nashville, Pharos Capital Group (http://www.pharosfunds.com) currently has $600 million in capital under management. Pharos primarily invests in companies seeking growth and later stage equity funding for internal growth, acquisitions, management buyouts or recapitalizations across industry sectors, with particular focus on healthcare, business services and applied technology.