Cross Country Automotive Services Acquires ATX Group
BOSTON– Cross Country Automotive Services, a provider of vehicle and driver services and programs, has acquired ATX Group, an independent telematics services provider. Financial terms of the transaction were not disclosed.
ATX, based in Irving, Texas, is a strategic addition to Cross Country's broadening service portfolio. The acquisition extends Cross Country's telematics offerings and its ability to deliver vehicle and driver services to automotive, insurance, and vehicle aftermarkets. The acquisition also expands Cross Country's client base and infrastructure to Europe and complements its presence in the China market. ATX currently serves several global automobile manufacturer clients (representing approximately one million vehicle owners) with telematics programs in Western Europe, the United States, Canada, and Puerto Rico.
"This is an important milestone for Cross Country. ATX's technology, talent and clients complement Cross Country's business and extend our ability to deliver best-in-class products and services to our clients," said Michael A. Saxton, CEO of Cross Country Automotive Services. "ATX and Cross Country bring together their heritage and commitment to safety and security and the ability to quickly expand additional products and services while bringing scale through our combined operations that will accommodate the industry's rapid growth. At the same time, Cross Country will continue to serve our clients with our dedicated and award-winning support of their brands and their most valued assets – their customers," said Saxton.
Steven A. Millstein, CEO and president, ATX Group, said, "The merged company gives automotive OEMs a clear choice in the connected vehicle service provider marketplace, between new entrants with power point portfolios and a company with extensive combined experience that has proven infrastructures, a long record of performance, delivery and customized solutions to meet variable business needs. Together, we're a company built around promises delivered, not merely on delivering promises."
Under the terms of the agreement, Michael Saxton, CEO of Cross Country Automotive Services, is CEO of the combined entity and Steven Millstein, CEO and president of ATX Group, is now president of Cross Country Automotive Services and general manager, telematics.