💥New Chapter 11 Bankruptcy - CalAmp Corp. ($CAMP)💥

Fleet management IoT solutions provider files prepack equitizing Lynrock's secured note.

On June 3, 2024, CalAmp Corp. ($CAMP)(“CalAmp”) and three affiliates (together, the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Silverstein).

Founded in 1981 as an amplifier manufacturer, CalAmp started transitioning to an “Internet of Things” (“IoT”) hardware and solutions provider focused on direct broadcast satellite technologies in the mid 2010s. Basically, the debtors now specialize in providing fleet management IoT solutions.

The transition into a SaaS IoT company began through an acquisition spree and ... well let’s look at an example of one of these transactions. The company acquired LoJack Corp, a provider of stolen vehicle recovery technology, in ‘16 for $134mm. Doesn’t sound half bad — stolen vehicles and the whole IoT telematics schtick — there must be synergies here right? Nope, the company turned around and sold it in ‘21 for $9mm.