Appliance Recycling Centers of America (Nasdaq: ARCI) has bought tracking device manufacturer GeoTraq. The acquisition is part of ARCA's strategy to diversify its services. Financial terms were not disclosed.
GeoTraq makes tracking modules for mobile devices that are used to monitor the movements of inventory and other assets. According to Minneapolis-based ARCA, the Internet of Things market is expected to reach $1.29 trillion by 2020 with $400 billion of that coming from hardware spending. Seattle-based GeoTraq serves the transportation, energy, healthcare and industrials sectors.
"We believe that expanding our offerings beyond our current business model will be highly valuable for shareholders, and therefore we will continue to seek such opportunities to enhance our product and service offerings," says ARCA CEO Tony Issac. ARCA operates 18 ApplianceSmart stores that sells recycled appliances and provides recycling services for them.