Sensata Technologies Completes Acquisition of SmartWitness

Rhea-AI Summary

Sensata Technologies (NYSE: ST) has completed the acquisition of SmartWitness Holdings, a leader in video telematics solutions. This strategic acquisition enhances Sensata's growth initiative in the transportation and logistics sectors. SmartWitness has deployed over 250,000 connected devices and tracks 50 million miles daily across various fleet markets. Sensata's CEO, Jeff Cote, expressed enthusiasm for the synergies that will arise from this acquisition, which is expected to broaden their service offerings to fleet managers and create new growth opportunities for stakeholders.

Positive

• Acquisition of SmartWitness expands Sensata's portfolio in video telematics.
• SmartWitness has shipped over 250,000 connected devices, indicating strong market presence.
• Acquisition supports Sensata's growth initiatives in the transportation and logistics sectors.

Negative

• None.

SWINDON, England--(BUSINESS WIRE)-- Sensata Technologies (NYSE: ST) today announced that it has completed the previously announced acquisition of leading video telematics provider SmartWitness Holdings, Inc.

SmartWitness offers connected video telematics hardware, software, analytics, and support, including interfaces with more than 40 TSPs globally. Since 2017, SmartWitness has shipped more than 250,000 connected devices to fleet customers through its telematics channel partners and is currently logging 50 million miles travelled per day. The Company’s solutions are used by fleets across several market segments, including commercial trucking, federal and municipal fleets, schools and public transit networks, and military and first responder vehicles.

“This acquisition meaningfully advances Sensata’s Insight megatrend-focused growth initiative and expands on the acquisition of Xirgo Technologies serving transportation and logistics end-markets. We are excited to welcome our new SmartWitness colleagues to Sensata as we work together to deliver a broader value proposition to address fleet managers’ needs and create new growth opportunities for our employees and our shareholders,” said Jeff Cote, Sensata Technologies CEO and President.

About Sensata Technologies

Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle & off-road, industrial and aerospace industries. With more than 19,000 employees and operations in 13 countries, Sensata’s solutions help to make products safer, cleaner and more efficient, more electrified, and more connected. Learn more at www.sensata.com and follow us on LinkedIn, Facebook and Twitter.

About SmartWitness

SmartWitness is a leading global provider of video telematics solutions with roots dating back to 2007. Ranked as one of the top five providers by industry analysts, the company sells exclusively through integrators and channel partners utilizing its best-in-class platform, SmartAPI. With over 250,000 connected devices deployed and logging 50 million miles per day, SmartWitness provides video telematics hardware, software, and services that help partners develop fleet management solutions that optimize operations, improve driving behavior, and mitigate risk. Additionally, the FIA European Truck Racing Championship (ETRC) depends on SmartWitness to capture and protect the truth as their official provider of judicial review. For more information, visit https://www.smartwitness.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211129005133/en/

Investors:

Jacob Sayer

+1 (508) 236-1666

jsayer@sensata.com

Media:

Alexia Taxiarchos

+1 (617) 259-8172

ataxiarchos@sensata.com

Source: Sensata Technologies

FAQ

What is the significance of Sensata's acquisition of SmartWitness?

The acquisition enhances Sensata's capabilities in video telematics, expanding their offerings to fleet managers.

How many devices has SmartWitness deployed?

SmartWitness has deployed over 250,000 connected devices to fleet customers.

What does SmartWitness provide?

SmartWitness offers video telematics hardware, software, analytics, and support for fleet management.

How does this acquisition impact Sensata's future growth?

The acquisition is expected to create new growth opportunities and enhance service offerings to fleet managers.