PowerFleet, Inc. and MiX Telematics Limited entered into a definitive agreement to form what is said to be one of the largest mobile asset Internet of Things (IoT) Software-as-a-Service (SaaS) providers in the world.
“By leveraging our proven SaaS strategy across the combined business, spearheaded by our Unity platform and data highway, we firmly believe we will be extremely well positioned to drive incremental market consolidation. Realizing transformative scale, this transaction with MiX will provide the go-forward company with 1.7 million subscribers, and the ability to sell additive and accelerated AI and data-powered software solutions to a truly global set of customers,” says Steve Towe, Powerfleet’s CEO. “This combination is expected to achieve a number of strategic objectives including unlocking strong incremental value creation opportunities; a refinanced balance sheet for the combined company that will provide more flexibility to execute our strategic growth initiatives; and the ability to retain and attract an expanded portfolio of shareholders. Combining with MiX, an extremely well-run and profitable organization, will establish the combined entity as a world-class SaaS company, giving us the speed and capability to achieve improved growth in high quality recurring revenues and expanded profitability much sooner.”
“I am extremely proud of our heritage and the high-quality business MiX is today, and I am delighted to have finally found an ideal partner that shares our values and strategic goals to take the company to the next level. We strongly believe that Powerfleet’s Unity strategy and our combined scale perfectly positions us to revolutionize the mobile asset IoT SaaS industry and drive transformative growth. As a shareholder I am very excited about how this combination will accelerate the achievement of our shared strategic goals,” adds Stefan Joselowitz, CEO at MiX Telematics.
Key takeaways:
- Towe will continue serving as CEO of the combined Powerfleet company, while Joselowitz intends to retire at the conclusion of this transaction.
- The combined business will total revenue of $279 million.
- Upon close, the combined business will be branded as Powerfleet.
- The combined company will also create a top-tier mobile asset IoT SaaS organization serving all mobile asset types.
- By integrating the Powerfleet and MiX engineering and technology teams, the combined organization is expected to accelerate the delivery of top-class solutions with improved competitive advantage.
