DC Advisory, a leading investment banking firm, acted as the exclusive financial advisor to its client Synovia Solutions (Synovia) on its sale to CalAmp (NASDAQ:CAMP), a provider of IoT software applications, cloud services, data intelligence and networked telematics products and services. Through this acquisition, CalAmp will expand its fleet management and vehicle safety services portfolio in addition to driving higher margin software sales and boosting its recurring software and subscription revenue.
Synovia is a leading provider of SaaS-based fleet management solutions for K-12 school bus and state and local government fleets, tracking over 125,000 vehicles. In addition, Synovia offers a smartphone application which allows parents and students to track school buses in real time.
Jon King, CEO of Synovia Solutions, commented:
“The DCA team brought several assets to the business relationship that in my sense separated them from others in their field. First, they became subject matter experts in the unique aspects of our field, products, model, and market in remarkably short order. Second, they pushed us in focusing on every detail that increased our chances of success. Finally, their tireless effort and mindset resulted in a successful outcome for Synovia, the shareholders and the for the buyer.”
Chris Stallman, Partner, Fontinalis Partners, a major investor in Synovia, commented:
“Dave Dolan and the DC Advisory team came into this transaction with a strong reputation for prior experience in this industry and it clearly showed throughout the process as they deftly guided Synovia to a tremendous outcome for all employees and shareholders. The DC Advisory team committed tremendous resources to this process and went well above and beyond from the beginning of the deal to the ultimate closing.”