PassTime Launches New Company Via Joint Venture
LITTLETON, Colo. — PassTime announced that it has formed a joint venture with the Astrata Group.
The new company, which will be majority owned and controlled by Astrata, will be known as PassTime Telematics Inc. (an Astrata Group Co.).
Passtime Telematics will target the growing U.S. vehicle fleet and asset tracking markets along with Homeland Security markets using Astrata's range of advanced GPS tracking and PassTime's customer management solutions.
PassTime indicated that it has more than 400,000 telematics devices installed in the United States. These products range from basic starter control systems for subprime auto payment assurance to advanced personal vehicle management units.
PassTime is deeply involved with all of the value chain partners that are integral to the deployment of wireless telematics systems including the sales channels, network operators and financing companies, officials said.
"We have been in discussions with Astrata since the beginning of this year and have been very impressed with their technology, expertise and management," explained Stan Schwarz, PassTime co-founder and chief executive officer. "We have a significant user base of over 400,000 in North America.
"Our market presence combined with Astrata's advanced technology allows us to leverage this profile into new opportunities. We are very excited about this new venture, and I look forward to taking on the role of president for the new company and growing the American operations," he added.
Astrata chairman and CEO, Anthony Harrison, stated: "Astrata has been looking for the right company to partner with in the U.S. to implement its strategic growth plans. PassTime is an excellent match and will give us the infrastructure from which to develop the Astrata brand in the U.S.
"PassTime's extensive dealer network will enable the new company to achieve critical mass in some very interesting new markets, which we will report on in the New Year," he continued.
For more information, visit www.astratagroup.com.