A: BSM Technologies Inc., $1.27, symbol GPS on Toronto (Shares outstanding: Shares outstanding: 82.3 million; Market cap: $105.3 million, www.bsmwireless.com), makes equipment and software that helps owners of truck, train and other fleets monitor their vehicles using global positioning systems (GPS).
Customers typically purchase the hardware upfront and then enter into a long-term contract for software updates and monitoring services. Recurring revenue from those service contracts provide two-thirds of BSM’s total revenue.
The U.S. accounts for 57% of its sales, followed by Canada (42%) and other countries (1%).
BSM’s revenue jumped 327.2%, from $13.8 million in 2012 to $59.0 million in 2016 (fiscal year ends September 30). It rose a further 13.1% in 2017, to $66.7 million.
Those gains were mainly thanks to the company’s purchase of Webtech Wireless for $49.9 million in cash and stock on September 30, 2015. Webtech makes software that compiles and analyzes GPS data. The transaction nearly doubled BSM’s annual revenue.
As a result of the merger, the company’s shareholders…
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