San Diego's Boatracs, which develops data communications and vessel monitoring technologies for the maritime industry, says it is now an independent and privately held company, after completing a spinout from AirIQ, its former Toronto-based corporate parent. Financial terms were not disclosed.
Boatracs was one of the first San Diego companies to adopt Qualcomm (Nasdaq: QCOM) technology. It was founded in 1990 to develop data communications technology for the maritime industry that Qualcomm had originally created for the trucking industry. Two decades later, Boatracs says its core data communications products are still based on Qualcomm's wireless Omnitracs and OmniVision satellite solutions. In its statement, Boatracs says it is now the leading provider of integrated communications and software in maritime markets for inland workboats, offshore supply vessels, commercial fishing, and government vessels.
Boatracs CEO Irwin Rodrigues tells me by email: "Boatracs was never a part of Qualcomm, but did get created out of an exclusive relationship with them to serve the maritime market back in 1990 with the Omnitracs product. That relationship is still in force and stronger than ever today. AirIQ purchased Boatracs in 2004 and this past December 2009, sold Boatracs to myself and a private equity company. At the time of the spin-off, Boatracs had 7 employees. We now have 14 employees and will continue to grow that number steadily throughout the year."
