CalAmp Corp. (NASDAQ:CAMP), a leading provider of wireless products, services and solutions, announced a preferred partnership agreement with Magellan, a provider of innovative GPS devices and content services, to bundle Magellan’s professional-grade navigation software with CalAmp’sMDT-7 Android-based mobile data terminal. This partnership provides fleet operators in the U.S. and Canadawith access to advanced features such as turn-by-turn navigation, speed limit and speed alert notifications, integrated safety options, trip planning enhancements and an array of fleet-specific value-added cloud services.
“This preferred partnership allows CalAmp to offer a rich set of mobile navigation features in the U.S. andCanada on our popular MDT-7 terminal at a competitive price. It combines Magellan’s best-in-class software with CalAmp’s proven and comprehensive fleet management offering,” said Greg Gower, Senior Vice President and General Manager of CalAmp’s Mobile Resource Management (MRM) business. “CalAmp is committed to continually expanding our offerings including content options that enable our customers to differentiate their solutions while also helping meet their evolving business objectives.”
The CalAmp MDT-7 Android mobile data terminal is now available bundled with one of two Magellan navigation software packages out of the box. With the first package, customers can select Magellan’s Fleet Navigation application, which provides an array of trucking and fleet attributes ideal for commercial operations including route optimization based on customized vehicle profiles, highway lane assist to safely navigate complex highway interchanges, and fully integrated points of interest such as truck stops, lodging and weigh stations. With the second package, customers can select the Fleet Consumer Navigation variant for automotive fleet implementations such as taxis and limousines that do not require commercial trucking attributes.
CalAmp will also be making Magellan cloud service packages available that provide access to features such as real-time fuel pricing, map updates, weather, traffic reports and alerts. Customers will now have the ability to address key business and regulatory requirements such as state mileage tracking for IFTA fuel logging and hours of service (HOS) tracking and reporting through their CalAmp MDT-7 Android mobile data terminal.CalAmp and Magellan are also working to make the fleet-specific cloud services offering available to a wider audience through aftermarket channels including the CalAmp Appstore and Magellan’s online portal.
“Magellan is pleased to partner with CalAmp to deliver industry leading fleet navigation and cloud services to their extensive customer base. We look forward to working together to promote and co-market the integration of the CalAmp MDT-7 with Magellan’s commercial-grade navigation software,” said Peggy Fong, President of Magellan. “We believe this partnership will bring a winning combination of products and services to the growing fleet management market.” (Original Source)
Shares of Calamp closed today at $16.75, up 0.16 or 0.96%. CAMP has a 1-year high of $26.04 and a 1-year low of $14.74. The stock’s 50-day moving average is $17.68 and its 200-day moving average is $18.14.
On the ratings front, Calamp has been the subject of a number of recent research reports. In a report issued on March 17, Aegis Capital analyst Michael Rindos initiated coverage with a Buy rating on CAMP and a price target of $25, which represents a potential upside of 49% from where the stock is currently trading. Separately, on March 9, Canaccord Genuity’s Michael Walkley maintained a Buy rating on the stock and has a price target of $26.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Rindos and Michael Walkley have a total average return of 3.8% and 24.9% respectively. Rindos has a success rate of 25.0% and is ranked #2375 out of 3574 analysts, while Walkley has a success rate of 71.1% and is ranked #6.
CalAmp Corp provides wireless communications solutions applications to customers. Its business activities are organized into its Wireless DataCom and Satellite business segments.