TMCnet News
BRIEF: XRS Corp. to be acquired by Omnitracs [Star Tribune (Minneapolis) :: ](Star Tribune (Minneapolis, MN) Via Acquire Media NewsEdge) Sept. 02--XRS Corp. is being acquired by Omnitracs LLC, a rival in transportation and logistics software, for approximately $178 million, or nearly twice its market value, the companies said Tuesday. Eden Prairie-based XRS makes software to help trucking companies deal with logistics and compliance issues. The company has been making the conversion from providing services through specialized hardware attached to trucks to one that offers services through a variety of widely-available mobile devices. Omnitracs is a leading provider of fleet management software for transportation and logistics companies. Both companies have been pioneers within the industry of developing fleet management and compliance technology. The $5.60 per share deal price is nearly twice as much as XRS's $3.02 closing price on Friday. XRS shares were trading at $5.51, up 83 percent, this morning. "The acquisition delivers an attractive premium for our shareholders, and for our employees and customers we are thrilled to become a key component of the broader Omnitracs portfolio," Jay Coughlan, chairman and CEO of XRS, said in statement. Patrick Kennedy -- 612-673-7926 ___ (c)2014 the Star Tribune (Minneapolis) Visit the Star Tribune (Minneapolis) at www.startribune.com Distributed by MCT Information Services |