CalAmp Acquires Division of AirIQ

Oxnard, California-based CalAmp, a provider of wireless communications products, announced this morning that it is acquiring the Vehicle Finance division of AirIQ, in a deal worth $19M in cash. AirIQ's Lake Forest-based Vehicle Finance division sells Global Positioning Satellite (GPS) and cellular-based wireless asset tracking products. According to the firms, the division had revenues of approximately $15M in 2006. AirIQ's products are sold to vehicle lenders that specialize in financing high credit risk individuals. CalAmp said it will employ approximately 35 former AirIQ employees.