CalAmp announced last Friday it has agreed to acquire the Vehicle Finance division of AirIQ Inc. for $19 million in cash. AirIQ’s Vehicle Finance division sells GPS and cellular-based wireless asset tracking products and services to vehicle lenders to track high risk individuals.

From the press release:

CalAmp's CEO, Fred Sturm, said, "We plan to leverage this business by offering end-to-end products and services to our existing public safety and industrial monitoring and control markets. We also expect to realize approximately $1 million in annual savings by using system hardware developed by CalAmp. This acquisition represents another important step in our strategy to expand CalAmp's wireless datacom business to complement our leadership position in the satellite television market."