Stanford University is set to exit video telematics system developer SmartDrive, which has agreed to be purchased after raising at least $265m.
Fleet management equipment producer Omnitracs agreed yesterday to acquire SmartDrive, a US-based telematics system provider that counts Stanford University among its investors.
Although neither company officially disclosed the sale price, Barrons reported that the transaction is set to be sized at $450m.
SmartDrive is the developer of a video-based telematics system that captures data covering factors such as fuel capacity, engine health and distance between vehicles, using cameras mounted on the interior and exterior of a vehicle, in…
