Yesterday, Verizon announced it would acquire privately-held Telogisfor appoximately (US) $120 million. The move follows on Verizon’s $612-million pickup of Hughes Telematics in 2012.
Atkinson says there is possibly an immediate move for BSM in the wake of the Telogis deal, in that Telogis signed a major a carrier partnership with AT&T last September, an arrangement the analyst suspects the Verizon deal likely kills. Atkinson says there are many telematics players, but thinks that BSM is one that could win the AT&T business. He believes this is just one of several reasons investors should take a long look at BSM.
“Between industry consolidation, a new activist shareholder (Crescendo Partners), BSM’s rarified position of having sufficient critical mass of subscriber revenue to aggressively compete on hardware pricing for new contracts, the AT&T government opportunity, and BSM nearing completion on major reworks of the hardware and software platforms to finally allow easy integration of existing and future business units, we believe BSM is increasingly attractive,” says Atkinson.
In a research update to clients today, Atkinson maintained his “Buy” rating and one-year price target of $2.00 on BSM Technologies.
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