Hackensack-based I.D. Systems Inc. rebranded itself as PowerFleet Inc. after closing its previously announced acquisition of Pointer Telocation Ltd., the company announced Thursday, saying the move positions the company as a provider of wireless Internet of Things (IoT) and Machine to Machine (M2M) technology for the logistics, industrial vehicle and fleet management markets.
The company’s new corporate umbrella includes three global brands: PowerFleet, Pointer Telocation and Cellocator. PowerFleet will be both the corporate entity name, as well as the primary brand for North America. Pointer and Cellocator will remain the primary brands sold internationally.
Woodcliff Lake-based PowerFleet purchased the Israeli telematics and mobile IoT firm Pointer Telocation for $140 million in March, after landing $50 million in venture backing to help fund the deal. Company leaders at the time said the combined entities would follow a “connected vehicle strategy” designed to optimize the in-car and fleet-management experience.
PowerFleet maintains a reputation as a leading supply chain and fleet management efficiency solutions provider. To date, PowerFleet’s solutions have been selected by more than 1,500 customers and operate on more than 500,000 mobile subscriber units globally.
“With growing operational and financial pressures, fleet managers are playing an increasingly critical role in maintaining profitability and driving accountability,” said Matt Arcaro, research nanager, Next-Generation Automotive Research at IDC. “To meet this challenge, they are seeking out platforms with flexible, extendable capabilities that can evolve with their IoT technology maturity, including seamlessly providing insights across their drivers, vehicles and even cargo.”