CalAmp Corp. is a global technology solutions provider founded in 1981 that offers businesses and consumers a wide range of software and hardware products and services worldwide. The company is headquartered in Irvine, California, with additional offices in Europe and Asia. CalAmp has a history of innovation and has received numerous industry awards for its products and services. Key highlights of the company's achievements include acquiring LoJack Corporation, a leader in vehicle theft recovery and advanced fleet management solutions and the launch of CalAmp iOn, a cloud-based platform for managing IoT (Internet of Things) devices.
Calamp's revenue has declined an average of -7.95% yearly, 12.07 percentage points lower than the US Communication Equipment industry's average revenue growth rate of 4.13%. CalAmp shed its satellite communications business in 2020, which resulted in a one-time gain of $85 million. CalAmp's stock performance has declined since 2018 from a peak of around $24.00 a share to a low of approximately $3.00. Despite this, the company could gain momentum as it recently announced a restructuring plan to transition to a cloud-based IOT platform.
CalAmp operates in the technology solutions industry, rapidly evolving due to the increasing use of digital technologies across various sectors. The company's main competitors include industry giants like Cisco Systems, Inc. and Honeywell International Inc., as well as smaller companies like Fleet Complete and Orbcomm Inc. The industry is subject to various regulatory and political issues, including data privacy and security concerns, which can significantly impact the industry's growth and profitability.
CalAmp's management team is led by CEO Jeff Gardner, who has over 25 years of experience in the technology industry. Other key team members include the recent addition of CFO Kurt Binder, who has a history of succeeding in challenging business environments and CTO Anand Rau, who has 25 years of strategic management experience in delivering enterprise-class, mission-critical applications.
CalAmp has identified several potential growth opportunities, including expanding its IoT platform, CalAmp iOn, into new markets, such as healthcare and agriculture. The company is also exploring new product launches, such as its recently launched connected car solution, which allows vehicle owners to monitor and manage their vehicles remotely. Additionally, CalAmp is actively pursuing acquisitions to expand its product and service offerings and increase its market share.
The technology industry is highly competitive, and CalAmp faces significant competition from larger, more established companies. The industry is also subject to rapid technological change, which can quickly make existing products and services obsolete. CalAmp must continue to innovate and stay ahead of the curve to maintain its market position. Additionally, the industry is subject to regulatory and political risks, including data privacy and security concerns, which can impact the industry's growth and profitability.