Networkcar Sold
Telematics provider sold to New York-based Hughes Telematics.
Networkcar, a provider of automotive remote diagnostic services and location tracking, has been sold to Hughes Telematics, reports the San Diego Tribune<\i>. The sale was finalized Aug. 1 for $17.7 million. Entire proceeds of the San Diego-based company could reach $21 million. Hughes bought the company from Reynolds & Reynolds. Reynolds and Reynolds, a provider of dealer management systems in the U.S. and Canada, bought San Diego-based Networkcar in 2002. Hughes Telematics and Reynolds entered into a purchase agreement July 20. Hughes agreed to buy all of Networkcar’s issued and outstanding capital stock and certain patents and patent applications held by Reynolds.
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