Pointer Telocation Systems Ltd. (Nasdaq:PNTR; TASE:PNTR) and Viasat Inc. (Nasdaq: VSAT) have set up a strategic partnership to offer innovative location-based services for the tracking of stolen vehicles, telematics, and vehicle fleet management.
The two companies will jointly develop products and solutions based on combined technologies. Solutions developed will be offered globally via the numerous Viasat Operation Centers, as well as with interested automobile clubs of ARC Europe, an association that brings together European Car Clubs.
Viasat Group and Pointer Telocation Ltd. intend to create international standards in location-based services markets, by developing and promoting tailored joint innovative commercial and technological.
DBSI Investments Ltd. owns 37.4% of Pointer Telocation, and Shaul Elovitch's Eurocom Group owns 14.7%. Pointer's CEO is Danny Stern and its chairman is DBSI owner Yossi Ben-Shalom.
Pointer Telocation's share oened at $6.56 on Nasdaq today, giving a market cap of $31 million. The share price rose 4.5% on the TASE today to NIS 25.60.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2010
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