I.D. Systems Acquires PowerKeyApril 25, 2008
Launches PowerKeyPLUS entry-level product line for wireless industrial vehicle management.
HACKENSACK, NJ (PRIME NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless asset management solutions, announced that it has acquired PowerKey, the industrial vehicle monitoring products division of International Electronics, Inc., a manufacturer of access control and security equipment, for $500,000. Simultaneously, I.D. Systems has launched a new wireless product termed PowerKeyPLUS targeted at the entry-level segment of the industrial vehicle management market.
PowerKeyPLUS emphasizes vehicle access control, safety checklists and impact sensing—the most popular functions for managing the inherent safety and maintenance issues associated with industrial vehicles. PowerKeyPLUS is a competitively priced standalone system suitable for any fleet size, small or large. In addition, PowerKeyPLUS serves as a platform for seamless expansion to I.D. Systems' industry-leading, full-featured Wireless Asset Net fleet management technology.
"We will promote an aggressively priced, entry-level PowerKey brand product that can be easily upgraded to our full-featured Wireless Asset Net solution, as customers' needs and wants evolve over time," said Peter Fausel, I.D. Systems' executive vice president of sales, marketing and customer support. "We believe this will make I.D. Systems a powerful 'one-stop shop' that can address the needs of virtually any industrial fleet."
"Our acquisition of PowerKey gives I.D. Systems instant access to a broader base of quality customers, provides us with more solution options for prospects in the entry-level segment of the industrial vehicle management market, and consolidates our market leadership," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "PowerKey has earned a respectable brand name in this industry and achieved success with dealers, distributors and fleet management providers. We anticipate that I.D. Systems will be able to capitalize on all of these assets."
PowerKey customers include Caterpillar, Owens Corning, Visteon, and Whirlpool, as well as a network of forklift dealers and fleet management service providers, which will be added to I.D. Systems' own base of customers and channel partners. Manufacturing, marketing and support of PowerKey products will be largely absorbed by I.D. Systems' existing operations, sales and customer service organizations, which will minimize overhead associated with PowerKey revenues.
About Wireless Industrial Vehicle Management
Wireless industrial vehicle management systems improve workplace safety and security by restricting vehicle access to trained, authorized operators, providing electronic vehicle safety inspection checklists, and sensing vehicle impacts. These systems also reduce fleet maintenance costs by automatically uploading vehicle data, reporting vehicle problems electronically, scheduling maintenance according to actual vehicle usage rather than by calendar or manual data entry, and helping determine the optimal economic time to replace equipment. In addition, wireless fleet management systems help improve productivity by establishing accountability for use of equipment, ensuring equipment is in the proper place at the right time, streamlining work flow through automated messaging, and providing management with unique metrics on—and controls over—equipment utilization.
About I.D. Systems
Based in Hackensack, NJ, with European business offices in Dusseldorf, Germany, I.D. Systems, Inc. is a leading provider of wireless solutions for managing and securing high-value enterprise assets. These assets include industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles. The company's patented Wireless Asset Net system, which utilizes radio frequency identification, or RFID, technology, addresses the needs of organizations to control track, monitor and analyze their assets.
Most Read Articles