Hearst today announced it has agreed to acquire an 80% stake in leading connected vehicle solution provider Noregon Systems, Inc. The announcement was made jointly by Hearst President and Chief Executive Officer Steven R. Swartz and Noregon Systems founder and Chief Executive Officer Bill Hathaway. Hathaway will retain a 20% ownership stake in Noregon and continue to serve as its CEO. Terms were not disclosed and the transaction, subject to regulatory approval, is expected to close by end of Q4.
“Bill Hathaway and his colleagues have built a great company that plays a vital and growing role in keeping the trucks on the road that power our economy,” said Swartz. “We look forward to partnering with Bill and his team and to welcoming them all to Hearst.”
Noregon was founded by Hathaway in 1993 as a custom development solutions provider for leading OE manufacturers in the trucking industry. In 2007, the company launched its flagship commercial product, JPRO — an all-makes commercial vehicle diagnostic application. Since then, the company has continued to innovate beyond JPRO, offering a variety of connected vehicle products and services to the medium and heavy-duty truck industry. Currently, Noregon serves more than 15,000 customers in the U.S. and Canada.
“We have the utmost confidence that Hearst will be a great owner and partner, bringing additional management and capital resources to Noregon,” said Hathaway. “Noregon will continue to be an innovator and should see significant growth through this partnership.”
more at source: https://www.hearst.com/-/hearst-agrees-to-acquire-majority-stake-in-noregon-systems-inc.