CalAmp Takes Equity Stake in ThinxNet GmbH

Connected car and telematics synergies drive investment and enable growth

CalAmp a telematics company, and ThinxNet GmbH, a German-based, user-driven connected car company, announced that CalAmp has made an equity investment for a minority stake in ThinxNet.

"ThinxNet has a great team, proven expertise and is disruptive in the connected car space," said Michael Burdiek, president and chief executive officer at CalAmp. "The evolution of this relationship demonstrates our focus on collaborating closely with partners in Europe to drive innovative solutions and business models in the emerging connected vehicle ecosystem and insurance telematics. With ThinxNet, we're able to enhance our strong position in the space and be a catalyst for their growth."

ThinxNet brings to market a host of consumer and enterprise automotive Internet of Things (IoT) smart technology. Their TankTaler application enables smartphone-based fuel payments in Germany. The application directs consumers to a network of participating gas stations and provides a range of telematics information. ThinxNet is also working on usage based insurance (UBI) opportunities with major German car insurance companies.

"We're thrilled to have CalAmp as a partner and investor and look forward to developing new features for our users by collaborating with their expert R&D team," said Johannes Martens, chief executive officer at ThinxNet. "CalAmp's extensive experience in serving large customers globally will be a key resource as we plan to extend our presence in additional European markets."

Terms of the investment were not disclosed. The companies have been working together since 2015, with CalAmp providing telematics devices for ThinxNet solutions.