Founder sells software business
A local maker of software for the automotive aftermarket has been acquired by an out-of-state supplier of test equipment.
Grand Rapids-based Aftermarket Telematics Technologies, or ATT, was sold to Irvine, California-based Innova Electronics Corporation, which also serves the automotive aftermarket, according to La Jolla, California-based Schwartz Advisors, an M&A firm, this week.
Terms of the deal were not disclosed.
ATT was assisted in the sale by Schwartz Advisors managing partners Derek Kaufman, Keigh Zar and Rick Schwartz.
ATT Founder Jim Dykstra said the deal opens the door for a “great opportunity” for the growth of ATT’s flagship application, Vehimatics.
ATT’s Vehimatics software collects vehicle diagnostic trouble code, or DTC, alerts and other data, which help vehicle owners select service shops. Additionally, Vehimatics ties the owner to a service shop and other parts suppliers for vehicle repair.
Mike Fitzgerald, VP and general manager of Innova Fleet Services, said Vehimatics will be folded into Innova’s new Telematics Solutions division.
"We look forward to working with Jim Dykstra to build an industry leading telematics-based product line,” Fitzgerald said.