Struggling SAMSys succumbs as Sirit snatches up solutions and swears to sustain support for acquired customer base
Toronto — April 10, 2006 — Radio frequency identification (RFID) technology company Sirit Inc. is acquiring SAMSys Technologies, which offers RFID solutions for high-volume pallet and reusable container tracking applications, Sirit has announced.
Sirit said it had entered into an agreement with SAMSys and the holder of its outstanding secured debentures to acquire, through a court appointed receivership process, all of the assets and undertaking of SAMSys.
The agreement is subject to a number of conditions, including approval of the transaction by the Ontario Superior Court of Justice and that the transaction be completed by April 13. The financial terms of the transaction were not disclosed.
Sirit said it expects to integrate SAMSys' technology and product offerings with Sirit's family of RFID readers to provide customers and OEM partners with a range of RFID solutions and form factors. Sirit currently offers solutions for electronic tolling and traffic management, material tracking, and fuel and fleet management.
"Execution of the agreement brings with it the opportunity to broaden our customer base, expand our RFID product offerings and increase our geographical reach, all of which strengthens Sirit's ability to meet new market opportunities around the world," said Norbert Dawalibi, president and CEO of Sirit.
Dawalibi said that Sirit is committed to ensuring service levels for current SAMSys customers to ensure there is no disruption to their operations.
SAMSys is a Canadian public company with headquarters in the Toronto area, as well as a U.S. headquarters in Durham, N.C.
Additional Articles of Interest
— Contemplating RFID? Here are three critical questions to answer before embarking on a radio frequency identification initiative. Read "Recognizing Real RFID Adoption Potential," in the February/March 2006 issue of Supply & Demand Chain Executive.
— A recent independent study revealed that Wal-Mart customers are finding the items they wanted in stock more often due to the retailer's use of RFID technologies when compared to control stores. Read more in "Wal-Mart Achieving Improved On-shelf Availability with RFID, Study Finds" on SDCExec.com.
Toronto — April 10, 2006 — Radio frequency identification (RFID) technology company Sirit Inc. is acquiring SAMSys Technologies, which offers RFID solutions for high-volume pallet and reusable container tracking applications, Sirit has announced.
Sirit said it had entered into an agreement with SAMSys and the holder of its outstanding secured debentures to acquire, through a court appointed receivership process, all of the assets and undertaking of SAMSys.
The agreement is subject to a number of conditions, including approval of the transaction by the Ontario Superior Court of Justice and that the transaction be completed by April 13. The financial terms of the transaction were not disclosed.
Sirit said it expects to integrate SAMSys' technology and product offerings with Sirit's family of RFID readers to provide customers and OEM partners with a range of RFID solutions and form factors. Sirit currently offers solutions for electronic tolling and traffic management, material tracking, and fuel and fleet management.
"Execution of the agreement brings with it the opportunity to broaden our customer base, expand our RFID product offerings and increase our geographical reach, all of which strengthens Sirit's ability to meet new market opportunities around the world," said Norbert Dawalibi, president and CEO of Sirit.
Dawalibi said that Sirit is committed to ensuring service levels for current SAMSys customers to ensure there is no disruption to their operations.
SAMSys is a Canadian public company with headquarters in the Toronto area, as well as a U.S. headquarters in Durham, N.C.
Additional Articles of Interest
— Contemplating RFID? Here are three critical questions to answer before embarking on a radio frequency identification initiative. Read "Recognizing Real RFID Adoption Potential," in the February/March 2006 issue of Supply & Demand Chain Executive.
— A recent independent study revealed that Wal-Mart customers are finding the items they wanted in stock more often due to the retailer's use of RFID technologies when compared to control stores. Read more in "Wal-Mart Achieving Improved On-shelf Availability with RFID, Study Finds" on SDCExec.com.
- More articles about SAMSys.
- More articles about Sirit.
