ODIN RFID, 10-year-old provider of RFID solutions for government, healthcare and IT asset tracking, has been acquired by remote asset tracking provider Quake Global of San Diego, Calif. Terms of the purchase were not released. The deal closed on Dec. 31.
RFID 24-7 has confirmed that the ODIN RFID brand will remain, and that ODIN RFID will operate as a division of Quake Global. ODIN RFID was founded in 2002 by RFID thought leader Patrick Sweeney, who recently founded another firm, dwinQ, which uses RFID as part of its solution to fuse real world experiences with online social media engagement.
Quake Global was one of three suitors that approached ODIN RFID during the course of 2012. ODIN RFID, which has invested more than $50 million into its solutions, had considered venture funding and also acquiring other companies to make a stronger push into the healthcare market. In the end, ODIN felt that a merger with Quake Global represented the best option for growth.
In December 2010 RFID 24-7 reported that ODIN would likely be purchased within two years, a prediction we missed by 21 days. ODIN made a splash of its own in the M&A category when it acquired Reva Systems in 2010 for its innovative Tag Acquisition Processor (TAP) software solution. The TAP system enables rapid deployment of hundreds of readers and integration due to TAP’s patented algorithms.
The ODIN RFID purchase allows Quake Global, a manufacturer of M2M communicators for multiple satellite and terrestrial networks, to expand its product line into RFID asset tracking. Quake Global’s proprietary solutions enable customers to track, monitor and control their assets across the globe. The company had lacked an RFID solution for asset tracking until this point.
The deal is similar to Trimble’s 2010 purchase of ThingMagic in that it represents a newcomer to the RFID seeking to capitalize from the rapidly emerging technology.
Management at Quake Global was unavailable for immediate comment. Letters have been sent to ODIN RFID clients informing them of the deal. Stay tuned to RFID 24-7 for more information on this breaking story.