Companies Team On Multi-year, Fleet Management Technology Partnership
WOODCLIFF LAKE, N.J., Feb. 07, 2019 (GLOBE NEWSWIRE) — I.D. Systems, Inc. (NASDAQ: IDSY), a leading provider of enterprise asset management and Industrial Internet of Things (IoT) technology, announced today a multi-year fleet management system agreement covering several thousand units with Jungheinrich AG (OTCMKTS: JGHAF), a leading solution provider in intralogistics.
Jungheinrich will leverage I.D. Systems’ PowerFleet technologies to track and manage forklift fleets for their customers. Through this partnership, Jungheinrich will combine its world-class expertise with the industry leading telemetry capabilities of I.D. Systems to offer the best choice of digital products on their Material Handling Equipment. This technology partnership will provide Jungheinrich customers with an enhanced ability to reduce overhead costs, improve safety and compliance, and streamline operations.
“We are thrilled to be partnering with Jungheinrich, one of the world’s most successful intralogistics companies,” said I.D. Systems CEO Chris Wolfe. “This is a long-term partnership and commitment to Jungheinrich and their global customer base to provide current and next generation fleet management technologies matched to their specific equipment and operational requirements.”
“The PowerFleet feature set and technologies from I.D. Systems and their expertise in forklift telematics will enhance our ability to provide a selection of world class digital solutions for our customers when it comes to intralogistics,” said Frank Marschatz, Service Director at Jungheinrich.
By leveraging data streams from vehicles, Jungheinrich will be able to organize it into meaningful visualizations, and powerful analytics for its customers. Jungheinrich customers will be able to quickly and accurately monitor utilization, damage, and safety compliance to accurately identify problem areas. Jungheinrich will use the system to enhance Material Handling Equipment maintenance and service.
“During past projects, we found our companies working very well together in their determination to achieve the best possible solution for customers by employing cutting edge technology, and we are excited to be able to do so now on a much broader perspective,” said Ute Filippone, Business Manager EMEA for I.D. Systems.
To learn more about I.D. Systems, visit www.id-systems.com/.
About I.D. Systems
Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Texas, Florida, Germany, and the United Kingdom, I.D. Systems is a leading global provider of wireless M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as industrial vehicles, rental cars, trailers, containers, and cargo. The Company’s patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. For more information, visit www.id-systems.com.
Founded in 1953, Jungheinrich ranks among the world’s leading providers of intralogistics solutions. With a comprehensive portfolio of material handling equipment, logistics systems and services, Jungheinrich is able to offer customers customized solutions for the challenges posed by Industry 4.0. The Hamburg-based Group is represented worldwide in 40 countries with its own direct sales companies and around 80 other countries through partner companies. Jungheinrich employs around 18,000 people worldwide and generated Group revenue of €3.4 billion in 2017. The Jungheinrich shares are listed on the SDAX.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems’ beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems’ control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include statements regarding: prospects for additional customers; potential contract values; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; emerging new products; and plans, strategies and objectives of management for future operations, including growing revenue, controlling operating costs, increasing production volumes, and expanding business with core customers. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems’ products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems’ intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems’ filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2017. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, I.D. Systems. Unless otherwise required by applicable law, I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
|I.D. Systems Contacts:|
|Ned Mavrommatis, CFO
|Ute Filippone, Business Manager EMEA & UK
+49 211 310 5454 60