WOODBRIDGE, Ont. - Shares in BSM Technologies Inc. (TSXV:GPS) rose more than 19 per cent Tuesday after the provider of vehicle tracking and surveillance technology said it will acquire privately held Netistix Technologies Corp. in a stock deal worth about $1 million.
''This acquisition will enable BSM Wireless to address an ever-widening list of needs that fleet managers have been putting on their must-have list,'' said CEO Nick Cirella.
''Our products, combined with the Netistix FleetPulse suite of services, will enable fleet managers to significantly increase the overall efficiency of their fleets, increase safety and security for their drivers, vehicles, goods and the public in general.''
BSM shares rose three cents or 19.4 per cent to close 18.5 cents on the TSX Venture Exchange after the announcement.
Under the proposed deal, BSM will acquire 100 per cent of Netistix by issuing 7.1 million of its common shares at 14 cents each.
Netistix is the developer of FleetPulse, a wireless system that provides fleet managers with timely and information, based on GPS tracking, vehicle usage, diagnostic codes and fuel consumption data.