| Small & micro cap project / Activism insight

Calamp Corp. (CAMP): Signs of moat

 

by | Dec 9, 2019

Basics

M. Cap: $335 million

The company is a telematics solutions pioneer, leading transformation in a globally connected economy. Since its inception, the company has sold over 20 million telematics devices and related products, and has built an industry-leading brand in the globally connected vehicle and industrial Internet of Machines marketplace.

SIGNS OF MOAT

(a) Migration towards SaaS (recurring revenue business model):

The company has steadily grown its base of SaaS subscribers and continues to move towards becoming a pure-play provider of software and subscription services.

As per the latest 10-K, the company has an installed-base of over 10 million telematics devices using its cloud-based device management platform and over one million unique subscribers.

Application subscription and other service revenue grew from $43 million in FY ’16 to $78 million in FY ’19.

(b) Patents: As at February 28, 2019, the company has 73 US patents and 200 foreign patents.

 

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