AirIQ Closes Acquisition of Aircept Business
AirIQ Inc. a telematics provider, announced on June 29 the closing of its acquisition of the business of Aircept.com, LLC, based in Irvine, California. The company previously announced that it had entered into a definitive agreement to complete the acquisition. The asset purchase transaction was conducted through the company's wholly owned subsidiary AirIQ U.S., Inc.
On closing, AirIQ delivered cash of US$5,000,000 (CDN$6,733,500) and 16,800,000 newly issued common shares of AirIQ, a portion of which are held in escrow, to Aircept. Subsequent to closing, two cash payments of US$4,250,000 (CDN$5,723,475) each are payable by AirIQ in the future, subject to the acquired business meeting certain significant subscriber levels, and revenue and gross margin growth targets or earn-out conditions, as previously disclosed.
AirIQ's services are offered to the rental, commercial transport and heavy equipment fleet markets, and the consumer market. AirIQ gives vehicle owners the ability to manage and protect their mobile assets. AirIQ's services include: vehicle locating, boundary notification, automated inventory, maintenance reminders, security alerts, vehicle disabling, unauthorized movement alerts and other features.