August 18, 2004
LoJack acquires Boomerang Tracking
Westwood, Massachusetts – LoJack Corporation, a company that produces wireless security and location products and services for vehicles, announced today that it had entered into a definitive agreement to acquire Boomerang Tracking Inc. the dominant marketer and provider of stolen vehicle recovery technology in Canada.
The total value of the transaction is approximately USD $48 (CAD $64) million.
With the takeover of Boomerang, LoJack will expand its operations and gain access to the Canadian market, including the provinces of Quebec, Ontario and British Columbia, where Boomerang Tracking is the leader in stolen vehicle recovery. LoJack also will gain Boomerang Tracking’s expertise in marketing to insurance companies, as well as technology that may be leveraged for new applications globally.
In making the announcement, LoJack Chairman and CEO Ronald J. Rossi said,
“The acquisition accelerates LoJack’s growth and makes an important
contribution to LoJack’s vision of being the leading global provider of
wireless tracking and recovery services. We believe that there are
opportunities for future introductions of new products that use both LoJack
and Boomerang Tracking technologies, as well as the potential to leverage the
companies’ complementary brands and channels for more effective market
penetration world wide.”