American Green high on Track X asset management company buy
July 14, 2015
Arizona-based medical cannabis company American Green is buying Track X, a Denver-based provider of RFID tracking and cloud-based physical asset management systems. Track X owns and maintains process patents and services designed to cater to numerous nationally recognised customers.
American Green believes Track X is positioned to be the premiere RFID-enabled asset tracking and supply chain provider globally. Currently available market data show that in 2014 the world RFID market was worth $8.89bn, up from $7.77bn in 2013 and $6.96bn in 2012. This includes tags, readers, software and services for RFID cards, labels, fobs and other form factors. Track X is well positioned to be the next-generation platform for the IoT that is projected to generate $14.4tn in value by 2022.
"Our decade-long background in technology and our unique position in this emerging sector made this opportunity ideal for our company," said Stephen Shearin, American Green president. "We are eager to assist Track X in maximising how it serves its impressive client list, help them deliver the business in their equally impressive pipeline and develop new business, aided by our extensive tracking candidates our company has already developed in this sector. The opportunities are endless in tracking and efficiency, which is why our team spent more than three months pursuing and negotiating this critical acquisition."
Track X services many recognisable brands, including Fortune 100 companies, with its proprietary software applications. This investment will allow American Green to use the latest tracking technology in all states offering or planning to offer a legal cannabis programme with a well-established seed-to-sale tracking platform.
"We worked for years to develop and service a strong client list and the technology that enables us to offer our unique customers cutting-edge solutions," said Track X CEO Tim Harvie. "I believe we have more than succeeded in accomplishing that goal. Now, we are ready to bring what we have created to a larger audience. Working with American Green will allow us to do just that. We are proud of what we have achieved up to this point and are particularly excited about where the union with American Green and our next-generation RFID-enabled asset tracking technology will take us."
In 2009, American Green became one of the first publicly-traded technology companies in the world serving the medical cannabis industry beginning with the introduction of the company's proprietary Zazzz machine developed to automate, age-verifying dispensing of cannabis-based medicines.
Track X provides enterprise asset tracking and management products that improve the visibility, accuracy, control and use of a company's high-value, mission-critical assets. Its cloud-based, auto-ID-enabled systems combine configurable and patented software and implementation services with technology hardware from RFID, barcode, GPS and sensor device providers.
Its browser-based AssetTrack tracks IT and electronics assets, returnable shipping assets such as pallets and racks, high-value equipment, and other assets across many industries. Its Yard and Supply Chain Management Suit applications are designed to manage assets in and across logistics, distribution and transportation environments.
All are platform- and hardware-agnostic to meet any business or integration requirement. Previously known as Fluensee, Track X was founded by executives from the logistics, transportation, technology and asset tracking industries.