TORONTO-Enterprise telematics company AirIQ Inc. announced it plans to expand its business into the consumer market with both white-label offerings and its own MobileIQ brand.
“Our vision was to create a strong commercial telematics business, with the ability to utilize the underlying infrastructure to access the larger consumer telematics market,” said Donald Simmonds, the company’s president and chief executive officer. “Now we can move into the marketplace dominated by vehicle recovery (only) solutions and offer additional powerful features from our commercial services. We can incrementally enter the consumer market without the need to duplicate technology, business processes or professional expertise.”
AirIQ currently offers a variety of commercial fleet telematics services to rental vehicle, commercial transport and heavy equipment fleet companies and counts more than 40,000 subscribers. The company said it would maintain its direct sales force to continue the steady acquisition of new commercial fleet clients.
Under AirIQ’s new consumer strategy, the company plans to both license its technology and launch its own consumer brand, MobileIQ. AirIQ’s consumer telematics services include vehicle tracking through the Internet or a Web-enabled mobile phone, unlocking vehicles remotely and locating stolen vehicles.
The company’s stock was down about 5 percent after the news on the Toronto stock exchange.
