To create a large fleet management entity, Powerfleet AIOT 2.20%↑ has acquired Fleet Complete in a $200 million deal. With 2.6 million combined subscribers, and forecasted combined revenue of more than $400 million, Powerfleet believes it will a leading provider of fleet, asset and mobile workforce solutions in North America, Australia and Europe.
In particular, the acquisition will strengthen Powerfleet’s North American presence. The deal also scales its Unity platform’s data integration capabilities with 600,000 new subscribers. In addition, the acquisition, expected to close on Oct. 1, also allows the company to have cross-selling opportunities through Fleet Complete’s relationships, especially with major US and Canadian telecommunication carriers, the company said.
“The agreement to acquire Fleet Complete is a transformative milestone for Powerfleet and is expected to significantly enhance our revenue quality and bolster our EBITDA by increasing our scale and operating presence across North America and Europe. It will also extend significantly our go-to-market reach through established channel partnerships with some of the world’s largest telecommunications providers,” said Steve Towe, CEO of Powerfleet, in a statement.
Inseego Announces Sale of Telematics Business For $52 Million
In another big telematics transaction this week, Inseego INSG 1.12%↑ has agreed to sell its fleet management and telematics business, in an all-cash transaction, for $52 million. Under the terms of the agreement, a portfolio holding company of Convergence Partners, an investment management firm focused on the technology sector, will acquire Inseego’s remaining telematics business that operates across the United Kingdom, the European Union, Australia and New Zealand, the company said.
“Inseego’s decision to divest its fleet management and telematics operations was based on a review of the strategic fit of the business with the company’s North American-centric 5G wireless solutions business and [its] previously stated goal to continue to significantly de-leverage its capital structure. The sale of the telematics operations further supports Inseego’s streamlining of its focus and resources on the strongest growth opportunities around its core product offerings,” the company said in a press release.
The purchaser is an affiliate of Ctrack Africa, a telematics business that was part of Inseego’s telematics portfolio, which it sold to Convergence in a previous transaction in 2021, the company said. The transaction is expected to close early in the fourth quarter of 2024.
In other telematics transactions:
- LoneStar Tracking has acquired Nova Labs‘ 1663 for an undisclosed figure. Lonestar will integrate 1663’s 80 partners in asset tracking, cold chain monitoring and smart agriculture.
