On-Board was founded in 2001 by William C. Kennedy, Jr. and Donald M. Kennedy, partners with an exceptional record of creating value through their leadership. Their first company was Instacom, founded in 1970, taken public by Smith, Barney and Rotan- Mosle in 1981, then sold to ComData(NYSE) in 1984. The sale was structured as a tax-free exchange with a total value of $130,000,000. Bill Kennedy, Jr. then served as Chairman of ComData until 1985, when he resigned to form HighwayMaster, Inc.
HighwayMaster was successful as well, and was taken public in 1995 in a joint underwriting by Merrill Lynch, CS First Boston, and Smith, Barney. In the offering, 18% of the company was sold for $79,000,000, resulting in a total market value of $435,000,000. In 2000 it was sold to Minor Planet, Inc., an English company.
Both previous highly successful operations were in transportation, communications and location technologies, however neither enjoyed market size that is currently available to On-Board Communications, Inc. When the non-compete provisions expired, the previous successful engineering team joined Bill and Don at On-Board to insure further technical and business success. The engineering team has collectively secured over 40 patents over the years, pioneering many developments in enhanced cellular networks and GPS for emergency service, route guidance, and theft detection/tracking.
As soon as appropriate, management of On-Board intends to create liquidity for its investors as they did with their previous companies.