Grows I.D. Systems European Sales by 80%
WOODCLIFF LAKE, N.J., Sept. 24, 2019 (GLOBE NEWSWIRE) — I.D. Systems, Inc. (NASDAQ: IDSY), a leading provider of enterprise asset management and Industrial Internet of Things (IoT) technology, announced today that it received initial orders from Jungheinrich after successfully delivering on all development milestones.
Per the technology partnership agreement that was announced at the beginning of this year, I.D. Systems worked with Jungheinrich to develop a highly integrated telemetry platform for Jungheinrich vehicles combined with sophisticated fleet management software. This technology partnership will power-up Jungheinrich customers’ ability to run safer, more cost-effective intralogistics operations.
“Our two organizations worked diligently over the past several months to beat all development milestones, train the Jungheinrich sales team and build a strong partnering foundation,” said Mark Stanton, GM of Powerfleet for Industrial. “We view our relationship as a long-term partnership and are committed to co-developing next generation platforms with Jungheinrich and delivering the highest quality telematics products and most advanced fleet management systems in the world.”
“It’s great when a vision, combined with a plan of action and great execution help that vision become reality,” said Frank Marschatz, Service Director at Jungheinrich. “We at Jungheinrich are excited to offer our customers solutions that quickly and accurately monitor utilization, vehicle maintenance, damage, and safety compliance to accurately identify problem and improvement areas. Jungheinrich will also use the system to enhance their Material Handling Equipment maintenance and service.”
“Our technical, sales, service and support teams in EMEA have been working with Jungheinrich on many customer projects over the years and we are excited to assist Jungheinrich with their successful roll-out of their new platform,” said Ute Filippone, Business Manager EMEA for I.D. Systems.
To learn more about I.D. Systems, visit www.powerfleet.com/.
About I.D. Systems
Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Texas, Florida, Germany, and the United Kingdom, I.D. Systems is a leading global provider of wireless M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as industrial vehicles, rental cars, trailers, containers, and cargo. The company’s acquisition of Pointer Telocation (TASE: PNTR) is expected to occur in October 2019. Upon the closing of the acquisition, the combined company will be renamed Powerfleet ® Inc (NASDAQ: PWFL) and will operate as a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicles and truck fleets. The company will be headquartered in Woodcliff Lake, New Jersey, with offices located around the globe. The Company’s patented technologies will continue to address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. For more information, visit www.powerfleet.com.
Founded in 1953, Jungheinrich ranks among the world’s leading providers of intralogistics solutions. With a comprehensive portfolio of material handling equipment, logistics systems and services, Jungheinrich is able to offer customers customized solutions for the challenges posed by Industry 4.0. The Hamburg-based Group is represented worldwide in 40 countries with its own direct sales companies and around 80 other countries through partner companies. Jungheinrich employs around 18,000 people worldwide and generated Group revenue of €3.4 billion in 2017. The Jungheinrich shares are listed on the SDAX.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems’ beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems’ control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include statements regarding: prospects for additional customers; potential contract values; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; emerging new products; and plans, strategies and objectives of management for future operations, including growing revenue, controlling operating costs, increasing production volumes, and expanding business with core customers. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems’ products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems’ intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems’ filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2018. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, I.D. Systems. Unless otherwise required by applicable law, I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.