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鈥檚 position as a true global leader in the rapidly expanding AIoT market, driving toward 鈥淩ule of 40鈥� 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鈥檚 revenue is generated through strong distribution partnerships with major international telecommunications providers and market-leading OEMs.
鈥淭he 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.聽 It will also extend significantly our go-to-market reach through established channel partnerships with some of the world鈥檚 largest telecommunications providers,鈥� said Steve Towe, CEO of Powerfleet. 聽鈥淎dditionally, it will support the strength of our revenue streams by integrating Fleet Complete鈥檚 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.鈥�
鈥淭he disruptive and differentiated intent of Powerfleet鈥檚 Unity strategy was a key factor in our decision to join forces,鈥� said Tony Lourakis, Fleet Complete鈥檚 Chief Executive Officer. 聽鈥淯nity鈥檚 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鈥檚 powerful technology and Powerfleet鈥檚 full technology portfolio, we can accelerate innovation across our offerings and provide even greater value to our combined customer base.鈥�