Otodata Technologies USA has acquired Wise Telemetry, a leading provider of remote monitoring devices and services for the industrial gas industry.
Founded in 2008, Montreal, Canada-based Otodata designs, develops, and manufactures market leading remote level monitoring products and technologies for a variety of industries. Otodata’s unique monitoring software that accompanies the hardware, allows users to monitor their tanks remotely, providing insightful, real-time data to drive asset and labor productivity in their business.
Andre Boulay, President and CEO of Otodata, said, “We are so pleased to be working with the Wise Telemetry team. This acquisition will accelerate our diversification into the industrial gas market, allowing us to leverage our innovative solutions for remote tank monitoring and serve this growing segment. This represents an important step in our strategy to address the growing demand for reliable, affordable and automated tank monitoring solutions across a variety of industries and geographic markets.”
Wise Telemetry was established in 2014 and has become a leading provider of remote monitoring devices and services for the industrial gas industry. The Pittsburgh-based company has the capacity to monitor every aspect of gas distribution from tanker trucks and bulk tanks to dewars and cylinders.
Eric Wise, Founder and CEO of Wise Telemetry, said, “The Wise team is thrilled to be part of Otodata. Joining forces allows us to provide our customers with additional products, services and innovative pricing structures, enabling them to monitor every asset and receive an instant return on their investment, both locally and abroad.”
Otodata, which has headquarters in Montreal, Canada, sells its tank monitors, management software, and mobile app to businesses all over North America. In December last year, CIBC Innovation closed a $7.5m growth capital financing with Otodata. It was announced at the time this capital will be used to support the company’s product diversification and growth across North America.
Also, in January 2021 Renovo Capital, LLC, a Dallas-based private equity investment firm, announced it had acquired Otodata.
Matt Farrell, Principal of Renovo, said, “We are thrilled to partner with the Otodata team in the rapidly growing telemetry space. Otodata has built a unique business based on leading edge technology, great customer service and competitive pricing. As Otodata enters its second decade of operations, we believe it is the ideal platform for growth in remote monitoring into other end markets and outside North America.”
According to a press release on the Renovo acquisition of Otodata, “Renovo and Otodata will be actively pursuing additional acquisition opportunities within remote monitoring and asset tracking as it looks to aggressively expand its product portfolio and geographic reach.”