WOODCLIFF LAKE, N.J., July 12, 2017 (GLOBE NEWSWIRE) -- I.D. Systems, Inc.(NASDAQ:IDSY) announced the pricing of a $15.0 million underwritten public offering consisting of 2,608,695 shares of common stock at a price per share of $5.75. The Company has granted the underwriters a 30-day option to acquire up to 391,304 additional shares of common stock at the public offering price, less underwriting discounts and commissions. After the underwriting discounts and commissions and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $14.2 million, assuming no exercise of the over-allotment option. The Company intends to use the net proceeds from the offering to fund its acquisition of assets of Keytroller, LLC (the “Keytroller Acquisition”) and for general corporate purposes. The offering is expected to close on July 17, 2017, subject to the satisfaction of customary closing conditions.

B. Riley & Co., LLC is acting as the sole book-runner in the offering, and Lake Street Capital Markets, LLC is acting as co-manager in the offering.

About I.D. Systems

Headquartered in Woodcliff Lake, New Jersey, with subsidiaries in Texas, Germany, and the United Kingdom, I.D. Systems is a leading global provider of wireless M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets, including rental cars, industrial vehicles, trailers, containers, and cargo. The Company’s patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. For more information, please visit www.id-systems.com.