A New Jersey-based company that hosts a data ecosystem for the mobile asset industry is preparing to make an acquisition that would expand its North American presence and fuel its growth in Europe and Australia.
Powerfleet Inc., which provides artificial intelligence of things software as a service solutions, is expected to close a $200 million deal on Oct. 1 in which it will acquire Fleet Complete, a prominent player in connected vehicle technology and fleet management. The transaction will bring its combined subscribers to 2.6 million and its combined revenue to over $400 million.
“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 Powerfleet CEO Steve Towe. “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 upsell opportunities with existing customers and a compelling value proposition for new customers.”
Fleet Complete provides fleet, asset, and mobile workforce management solutions across North America, Australia, and Europe. More than half of its revenue is generated through distribution partnerships with major international telecommunications providers and market-leading OEMs.
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The acquisition would significantly enhance Powerfleet’s Unity platform, scaling its data ingestion, integration capabilities, and cross-sell/upsell potential with the addition of 600,000 new subscribers. Fleet Complete’s AI-powered video solution, FC Vision, also expands Unity’s AI-driven offerings, particularly in the camera space, further advancing Powerfleet’s leadership in AI innovation and accelerating time-to-market for new solutions.
“The disruptive and differentiated intent of Powerfleet’s Unity strategy was a key factor in our decision to join forces,” said Fleet Complete CEO Tony Lourakis. “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.”
