Descartes to Acquire Idelic For US$28 Million
The Descartes Systems Group (DSG.TO) has acquired Idelic, which provides AI-powered driver safety solutions, for US$28 million cash, the company said on Thursday.Descartes may also pay a performance-based consideration of up to $12 million cash, if the combined business achieves revenue-based targets in each of the first two years post-acquisition.Idelic's safety intelligence platform unifies daily safety management activities such as training, monitoring, reporting and coaching into a single solution. Fleets can proactively identify and reduce driving risk by using the platform's unique dataset of more than 40 billion miles of telemetry and over 400,000 accident records, a statement said."The need for trusted, real-time fleet and operational data is becoming increasingly critical as customers advance their AI strategies," said Descartes chief executive Edward Ryan. "By combining Idelic's predictive safety intelligence and unique, critical data with Descartes' GLN [Global Logistics Network], we're strengthening the data foundation that powers smarter fleet performance decisions and safer, more efficient operations."Idelic is headquartered in Pittsburgh, Pennsylvania.Descartes shares closed down $0.95, to $102.90 on Wednesday on the Toronto Stock Exchange.