Powerfleet Announces Strategic Acquisition of Fleet Complete

SEATTLE (Waste Advantage): Powerfleet, Inc., a leading provider of AIoT SaaS solutions for the mobile asset industry, announced it has entered into a definitive agreement providing for the strategic acquisition of Fleet Complete, a prominent player in connected vehicle technology and fleet management. With 2.6 million total combined subscribers and forecasted combined revenue of over $400 million, the acquisition is expected to solidify Powerfleet’s position as a true global leader in the rapidly expanding AIoT market, driving toward “Rule of 40” SaaS financial performance in the medium term.

Fleet Complete is a leading provider of essential fleet, asset, and mobile workforce management solutions across North America, Australia, and Europe. More than half of Fleet Complete’s revenue is generated through strong distribution partnerships with major international telecommunications providers and market-leading OEMs.

“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.  “Additionally, it will support the strength of our revenue streams by integrating Fleet Complete’s high-velocity mid-market business with our enterprise base; and expand the reach of our unique Unity data highway and innovative in-warehouse solutions across the Fleet Complete established subscriber base, creating powerful cross- and up-sell opportunities with existing customers and a compelling value proposition for new customers.”

“The disruptive and differentiated intent of Powerfleet’s Unity strategy was a key factor in our decision to join forces,” said Tony Lourakis, Fleet Complete’s Chief Executive Officer.  “Unity’s device-agnostic capabilities, expanding suite of prepackaged third-party system integrations, and advanced AI align seamlessly with the long-term vision for our state-of-the-art FC Hub platform. The business combination will allow us to deliver deeper insights and enhanced solutions to customers. By leveraging Unity’s powerful technology and Powerfleet’s full technology portfolio, we can accelerate innovation across our offerings and provide even greater value to our combined customer base.”

 Courtesy: www.wasteadvantage.com