Xora & Gearworks Merge for Location-Based Mobile Business Applications
August 14, 2009 - Press Release
MOUNTAIN VIEW, CA - Xora and Gearworks, two providers in location-based mobile business applications, announced that they have joined forces. The combined company will retain the Xora name, servicing more than 16,000 customers deployed across the world's leading wireless carriers.
The combined company will have the broadest wireless carrier distribution footprint in the industry, including partnerships with Sprint Nextel, Verizon, AT&T, Telstra, US Cellular, Cbeyond, and Procall. In addition to wireless carrier partnerships, Xora is the leading provider of location-based mobile time clock and data collection solutions for companies that offer TLM (Time and Labor Management) and Payroll services. The combined product portfolio will consist of Xora's GPS TimeTrack® suite of products and Gearworks' Field Force Manager®, etrace®, OnCare® and Appmosphere® offerings.
The transaction puts Xora in an ideal position to continue to capitalize on the growing market for handset-based mobile resource management applications globally, and especially in North America, where the market is expected to reach 5 million subscribers and more than $1 billion in annual recurring software revenue by 2015 according to Frost & Sullivan, a leading industry analyst firm that tracks mobile and wireless communications.
"The Xora-Gearworks merger is exceptionally well-timed to give the company pole position in the burgeoning market for handset-based mobile resource management solutions," states Jeanine Sterling, senior industry analyst, mobile and wireless communications, Frost & Sullivan. "With the most extensive product offering, spanning off-the-shelf to customizable mobile applications, and the broadest carrier coverage in the industry, the new Xora's capabilities are top-tier and should be highly valued by customers of all sizes, as well as by wireless carriers seeking to deliver such applications to their business customers."
"This combination brings together two recognized leaders in the industry that share a common vision and desire to bring powerful tools to businesses that want to improve their operational efficiency," states Sanjay Shirole, co-founder and CEO of Xora. "By measures critical to our long-term success, including growth and diversification of revenues, product portfolio, channel partnerships and customer support capabilities, this merger is a big win not only for us, but also for the customers and partners of the new combined company."
As part of this transaction, venture investors from both companies, including Dawntreader Ventures, BlueStream Ventures, Split Rock Partners, and Rho Ventures all have made additional equity investments totaling $8.5 million dollars. In addition, Patrick Wack, former CEO and currently chairman of Intralinks, a pioneer in the Software-as-a-Service space will join the Xora Board of Directors.
For more information, visit www.xora.com/gearworks.
Founded in 1999, and based in Mountain View, Calif., Xora is a global provider in the rapidly expanding location-based mobile business application market. The company's software as a service (SaaS) model makes it simple and cost-effective for businesses of all sizes to leverage Xora's powerful location-based services. With Xora's portfolio of solutions, companies can easily monitor their workers, vehicles and assets...in real-time. This information leads to increased productivity and utilization, reduced costs, and the ability to provide superior customer service.
Gearworks provides the carrier-class platform for location-based mobile business applications - Appmosphere. Appmosphere enables wireless carriers to deliver location-based business applications to market faster, software vendors to easily mobilize their applications, and enterprises to cost-effectively deploy custom applications to mobile workers through any wireless carrier on any mobile device. With Appmosphere and its applications, the company serves thousands of small- to medium-sized business and enterprise customers across a broad range of industries - including healthcare, field service, home and store delivery, construction, utilities and government services.