10 Feb CalAmp Riding Full Throttle Towards Success!
CalAmp Corp (NASDAQ: CAMP), a pioneering telematics solutions provider for the connected economy, announced the adoption of its award-winning “Here Comes the Bus” School Bus Tracking technology by The Atlanta Public Schools (APS), that serves nearly 51,000 students across 87 schools and five programs. The app was developed by Synovia Solutions, a subsidiary of CalAmp, and is used by over two million users and 330 school districts across North America, including other peach state district institutions such as Cobb, Paulding, Troup County Schools, and Valdosta, helping them redefine the way student transportation is managed.
Jeff Clark, senior vice president of product management for CalAmp, commented,
“We’re proud that a district as large, diverse and dynamic as Atlanta Public Schools has placed its trust in CalAmp’s Here Comes The Bus solution to provide improved services to its community.”.
The Atlanta Public Schools transport over 11,708 students everyday to and from school, homes and sports and social events. The buses will now be outfitted with CalAmp’s mobile GPS fleet intelligence devices and essential software that form a part of the Here Comes The Bus solution as per the Company. In addition, CalAmp will assist with improved compliance to state-mandated bus inspections through its tablet and trip inspection module.
The application which claims to the “undisputed leader of School Bus Tracking Mobile Applications” boasts of 2,134,762 downloads and 410,000+ Daily Active Users and offers an intuitive interface along with seamless integration.
Furthermore, In January 2021, the Company entered into a multi-year, enterprise agreement with Localiza, the largest car rental operator in South America to install smart telematics in Localiza’s fleet, by leveraging its AI-enabled connected vehicle technology.
CalAmp Corp. (NASDAQ: CAMP)
Market Cap: $404.3M; Current Share Price: 11.54 USD
Data by YCharts
The global automotive telematics industry is expected to reach over $320.6 billion by 2026, growing at a CAGR of 26% from $40.4 billion in 2018 according to a report by orion market reports. An increasing consumer demand for vehicles, growth of smartphones, integration of IoT in automotive industry, government regulations and the rise of ride sharing apps such as Uber and Ola will drive the growth in the market.
The automotive telematic market offers a wide-range of services such as on-road assistance, crash notification, vehicle tracking/recovery, location /tracking services and can be either embedded, tethered or integrated.
Ecommerce and logistics industries will contribute to the demand for these systems, owing to need for monitoring and transparency. Furthermore, customers seek the convenience offered by these systems that enable real-time traffic updates, alternate routes, places of interest nearby to name a few. The market for portable navigation devices that can be easily transferred from one vehicle to another will see the most growth owing to their cost and convenience. The industry is seeing ground breaking innovations and adaptation of advanced technologies to stay one step ahead of the competition.
The industry may face challenges in achieving its full growth potential due to presence of alternatives, lack of infrastructure in developing countries and tough competition.
CalAmp is a telematics pioneer that is seeking to bring innovation to diverse industries such as connected cars, transportation and logistics, Industrial IoT, Governance and Education. LoJack, is a sophisticated vehicle relationship management solution that aids in dealer lot management, stolen vehicle recovery and consumer telematics. CalAmp’s iOn Vision, a part of its global transportation and logistics solution, offers integrated smart cameras, wi-fi enabled telematics devices and servers, to assist drivers get a holistic view of the road.
Furthermore, iOn Tag is a smart proximity sensor that can track assets through monitoring, analytics and alerts. CalAmp iOn is an enterprise-grade application that offers intelligence and analytic tools through a user-friendly interface, while iOn™ Suite Services is a telematic solution for fleet management. The Company also offers Telematics Cloud™ (CTC), a service that helps connect remote devices and assets to vertical applications and third-party services.
The Company’s subsidiary Synovia Solutions has a range of solutions that address challenges faced by K12 transportation by providing school bus tracking, contact tracing, hygiene verification and driver wellness checks. CoreGPS, a real time fleet tracking solution, provides historical reporting and geofence alerts, while its other offerings include, student ridership tracking, time and attendance tracking to simplify payroll and engine diagnostics solutions to deliver remote diagnostics.
CalAmp clients include leading global organizations such as ALD Automotive, Michelin, Toyota, Navman, Amazon, Fleetmatics, Verizon, Ford to name a few.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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