LoJack Corporation, a provider of vehicle theft recovery and advanced fleet management solutions, announced a strategic alliance with international telematics provider Trackunit A/S. LoJack is launching LoJack Connect for Equipment, leveraging its market presence in the commercial equipment space. The companies will introduce the new commercial equipment tracking products in both the U.S. and Canada.
The construction industry is increasingly adopting telematics solutions as they provide a positive return on investment from monitoring equipment usage, conducting preventative maintenance at proper intervals and optimizing overall equipment use to minimize costs and maximize returns. According to industry expert estimates, well over a million pieces of equipment are in use in the construction industry across the U.S., and their owners are adopting telematics in increasing numbers.
LoJack and Trackunit will work in partnership to deliver products and services to enhance the management, serviceability and efficiency of off-road equipment. Together, the companies will deploy a number of new solutions to serve customers ranging from original equipment manufacturers to major rental firms and construction contractors.
"This alliance will instantly bring to market new telematics and off-road fleet management solutions for the construction industry in the United States," said Svend M. Hansen, CEO of Trackunit. "We are very excited about the opportunity to work closely with LoJack to expand our global presence and see the fit between our two companies as a perfect match for this strategic alliance in North America."
"Our collaboration with Trackunit will strengthen LoJack's existing alliance for on-road fleet management with off-road technology solutions and will provide significant business growth opportunities for both companies," said Randy Ortiz, President and CEO of LoJack Corporation. "With the introduction of a full suite of telematics solutions for the construction equipment industry, we look forward to a successful alliance with Trackunit that leverages our long standing relationships with key clients in this segment. LoJack Connect for Equipment will provide a new level of professional asset management that will complement our LoJack Stolen Equipment Recovery solution that has recovered millions of dollars of high value equipment and provided outstanding ROI for our clients. Recent wins in the telematics segment—including with Fortune 500 companies—have shown us that the momentum is building behind both our on-road fleet management solution (in alliance with TomTom Telematics) and with our off-road equipment solution with Trackunit."
LoJack will be actively selling LoJack Connect for Equipment in the fourth quarter of 2014.