SOURCE: Gary L. Fischer Consulting

October 11, 2014 12:24 ET

Gary L. Fischer Helps in Mobile App Acquisition

SAN JOSE, CA--(Marketwired - October 11, 2014) - "Helping Others Succeed," a business consulting practice operated by Gary L. Fischer, CFO, announced today that Mr. Fischer assisted CEO Shahram Rezaei in the acquisition of his mobile app company and products. Fischer and Rezaei previously worked together at eRide. Rezaei had a close look at Fischer's thoughtful and careful planning in the M&A process as he observed Fischer in action when Furuno acquired eRide in 2009. "Shahram reached out to me when he was first approached about being acquired in late 2013. We worked closely together in the process," explained Fischer.

The mobile app allows the user to track and rate his or her driving habits real time and store them for analysis. Accelerating too fast? Breaking unsafely? Using GPS and other inertial sensors the smart phone app will capture this data and display it in several ways. Automobile insurance companies are interested in this tool, frequently referred to as "User Based Insurance." User Based Insurance opens up new doors for safe driving discounts. Insurance companies want to offer this feature to remain competitive and first began to do so using a device plugged into OBDII port of the vehicle. Neither the device nor the software worked well and the mobile phone became the obvious solution. Rezaei (PhD Berkeley) has a tremendous grasp of GPS from his graduate work and from 7 years at eRide. As founder and CEO of LocX, Rezaei developed much of the software in the app. 

"Because our app specifically targets the measurement and display of driving habits it can also be used by parents who want to monitor a teen's driving habits," Rezaei said half-jokingly. "The primary use is for insurance companies but we are aware of concerned parents using it with their young drivers."

The app was available in both the Apple iTunes and the Android Google Play stores. The acquiring company is a third party infrastructure service provider to the major automobile insurance companies.

Fischer worked with Rezaei almost daily as Rezaei progressed through the negotiations, providing strategic advice repeatedly. "There were a few terms and conditions that pushed the boundaries of what is currently customary and acceptable and Shahram had to talk through with me how to address them with the other party." Fischer then took first look with Rezaei on all the legal documents and marked them up for Rezaei's further review.

"Concluding this acquisition took more time than we wanted but the acquiring company required the right to perform extensive and exhausting testing of the app," said Fischer. Eventually the deal was closed. "This one had some anxiety," Fischer commented, "but even so it is always rewarding to help others succeed."

Gary L. Fischer, based in Silicon Valley, has worked extensively in Asia and Europe. He has taken two companies public, led three public secondary offerings and has been involved in numerous private financings of equity and debt. He has solid experience in M&A, including the sale in 2009 of eRide where he began serving as CFO in 2005. He continued as a part time CFO with eRide after the acquisition and began his consulting business. Helping Others Succeed provides CFO consulting services, organizational development, executive coaching, M&A hands-on due diligence, M&A closings and other business and financial projects. He receives high marks for his achievements but prides himself at being "hands on" (he still changes the oil in his car!). Prior to eRide Mr. Fischer joined ISSI in 1993, took it public in 1995 and subsequently was appointed President and COO of the company. Mr. Fischer's complete bio is listed on LinkedIn.

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