Transaction strengthens Geoforce’s Industrial IoT (IIoT) offerings with Cartasite’s Driver Safety products while cementing its longtime leadership in oil & gas asset tracking.
MARCH 1st, 2019 – DALLAS, TX and DENVER, CO, USA –Geoforce, a global provider of field asset tracking solutions, announced today it has acquired substantially all of the assets of Cartasite, a leading provider of driver safety and vehicle tracking solutions.
“Cartasite has spent the last 15 years addressing critical safety, operational efficiency, and security needs for global oil & gas operators,” said James MacLean III, President & CEO of Geoforce. “Their market-leading driver safety and fleet vehicle tracking solutions are an ideal complement to our field operations and equipment-focused solutions.”
“Combining our software platforms, global customer bases, and service-oriented teams will grow our position as the world’s dominant provider of oilfield asset tracking solutions while also delivering Cartasite’s driver safety solutions to customers in transportation, logistics, construction, and other field operations-intensive industries,” added MacLean.
“As veterans of the Industrial Internet of Things (IIoT), GPS tracking, and SaaS space, we know when we see a winner,” said Kyle Bassett, CEO of Cartasite, who will become General Manager of Geoforce’s new StriveSafe division. “Geoforce’s culture exemplifies teamwork, innovation, and the customer experience. We wanted to be part of that culture and look forward to joining Geoforce to drive our combined success.”
“This deal makes sense on multiple fronts,” said Vincent Hsieh, CFO of Geoforce. “We add some of the best talent in the industry across multiple functions. We strengthen our product offerings. We gain operation efficiencies to better serve users. And we onboard over 100 new customers to grow profitability. Most importantly, our values, purposes, and missions are completely aligned. As such, we are excited to combine forces and accelerate Geoforce’s mission of building the world’s largest network of connected field equipment.”
In the transaction, which closed March 1st, Munck Wilson Mandala, LLP acted as legal advisors to Geoforce, while Sage Law Group, LLP served as legal advisors to Cartasite.
Cartasite was formed in 2004 with the goal of delivering practical technology solutions that enhance safety, security, and operating efficiency for corporations worldwide. With deployments worldwide, customers rely on Cartasite’s real time monitoring systems to produce results that enhance operating efficiency, save lives, and protect the environment.