LoJack Corporation Increases Stake in SCI to 60 Percent
Supply Chain Integrity (SCI), developers of an innovative, first-of-its-kind integrated solution that reduces and manages risk throughout the supply chain, today announced the completion of its second round of funding. As part of the round, LoJack Corporation (NASDAQ: LOJN) has increased its investment in SCI, now owning 60 percent of the company.
Robert Furtado, Supply Chain Integrity’s Chief Executive Officer, said, “We are very pleased to have completed this transaction raising additional funds and expanding our working relationship with LoJack. With its increased stake in SCI, LoJack is enabling us to evolve beyond security and cargo theft applications and into integrated supply chain protection solutions that address enterprise risk associated with supply chain threats, which we believe is the future of our industry. SCI is fortunate to be able to leverage LoJack’s recognized brand, recovery expertise and law enforcement relationships, which are important differentiators and unequaled in the marketplace.”
According to a survey conducted by Chubb Group Insurance Companies, broken links in the supply chain is one of the top three threats to business operations in 2008. Today, SCI is the only company that provides an integrated solution for supply chain protection-from information sharing and analysis to investigative intelligence to covert monitoring and recovery. It is building an extensive, diverse community of members, from private industry to law enforcement, who for the first time have a platform to share information and combat supply chain threats. SCI’s customers include the leading manufacturing, logistics and retail corporations in the world.
“LoJack originally invested in SCI because we saw it as a strong entry into the emerging cargo security market,” said Ronald V. Waters, LoJack President and Chief Operating Officer. “Today, the opportunity has expanded to enterprise risk management and our investment will help SCI deliver powerful solutions for that emerging market segment. This investment is part of LoJack’s strategy to diversify our business through entry into new markets, growing our international business and developing new products based on our technology- all with the goal of providing solutions that recover a wider range of valuables globally.”
About Supply Chain Integrity
Founded in 2004, Supply Chain Integrity (SCI) is the only company that provides a total integrated solution for supply chain protection-from information sharing and analysis to investigative intelligence to covert monitoring and recovery-making its solution the most complete in the industry. SCI is building an extensive, diverse community of members-from private industry to law enforcement-who for the first time have a platform to share information and combat supply chain threats, making the company a powerful force in the market. In 2008, LoJack Corporation became a majority shareholder in SCI, bringing its venerable brand’s resources, recovery expertise and law enforcement relationships to this innovative, emerging company. Visit www.sc-integrity.net.
About LoJack Corporation
LoJack Corporation, the company that invented the stolen vehicle recovery market more than two decades ago, is the global leader in recovering valuable mobile assets. The company’s time-tested system is optimized for recovering stolen mobile assets through its proven Radio Frequency technology and unique integration with law enforcement agencies in the United States that use LoJack’s in-vehicle tracking equipment to recover cars, trucks, commercial vehicles, construction equipment and motorcycles. The company’s Stolen Vehicle Recovery System delivers a 90 percent success rate for cars and trucks and has helped recover more than $4 billion worldwide in stolen LoJack-equipped assets. Today, LoJack operates in 26 states and the District of Columbia, and in more than 30 countries throughout North America, South America, Europe, Africa and Asia. Visit www.lojack.com.
Supply Chain Integrity
Tier One Partners
Tier One Partners