Colorado based industrial IoT platform TrackX is being acquired by Canadian supply chain technology company SpotLite360. The two companies already have a long-standing partnership with SpotLite360 commercialising TrackX’s IIoT products in digital agriculture, and the pharmaceutical and healthcare industries. In acquiring TrackX, SpotLite360 has the aim of focusing development of its IIoT platform particularly to provide traceability and visibility of Environmental, Social and Governance (ESG) efforts, and end-to-end supply chain tracing, tracking, and sustainability.

Both companies believe that the acquisition will lead to increased growth for both sides of the merger, espcecially in the development of supply chain solutions employing IoT and blockchain.

The deal is dependent on regulatory and shareholder approvals in Canada and the United States.

Gene McConnell, CFO of SpotLite360, said: “Strategic acquisitions are an important part of the modern growth strategy for technology companies such as SpotLite360. Our relationship with TrackX over the last year has validated a large market opportunity for the companies’ combined disruptive innovations. Our vision to deliver product proof of origin, chain of custody, proof of sustainability initiatives and ESG claims with the benefit of diversified revenue streams can change the future of supply chains. The Proposed Transaction with TrackX is set to provide SpotLite360 with a much stronger position for innovation, sales conversions, and long-term overall prosperity. Our clients will benefit from an unparalleled standard of reporting and monitoring of their facilities and supply chains with integrations of technologies such as ours as part of their overall business infrastructure.”

Kirk Ball, Director of TrackX, said: “Since entering into a licensing agreement with SpotLite360 in 2021, we have continued to see more opportunity for collaboration between our respective teams, technology initiatives and partner networks. We are both focused on the delivery of tracing, tracking and sustainability solutions. The proposed transaction represents an opportunity to create significant economies in administration, technology, sales and capital market expenses which will result in additional value for our shareholders, our customers, and our employees.”