Fleetmatics Group (FLTX) Acquires Inosat
- Wall Street closes lower as inflation fears prompt tech sell-off
- Dogecoin Sees 'Sell the News' Reaction to Musk's SNL Appearance, as 'Hustle' Comment is Weighed Against Launch 'To the Moon'
- Alphabet (GOOGL) and Facebook (FB) Downgraded to 'Neutral' at Citi as Decelerating Growth Is Not Bullish for Multiples
- Elliott Management has stake in Duke Energy (DUK) - WSJ
- Ethereum (ETH) Soars Above $4,000 to Print Fresh Record Highs
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Fleetmatics Group PLC (NYSE: FLTX) announced the acquisition of Inosat – Consultoria Informática, S.A., a SaaS-based provider of fleet management solutions in Portugal. Based in Lisbon, Inosat will add approximately 50,000 vehicles under subscription to Fleetmatics' existing installed base. Terms of the transaction, which closed on September 1, 2016, have not been disclosed.
"Fleetmatics will greatly benefit from Inosat's market leadership in Portugal where it has built a leading brand and strong customer base," said Jim Travers, Fleetmatics CEO and Chairman of the Board. "With Inosat, Fleetmatics is also well-positioned to expand into adjacent geographies such as Spain and new territories in South America where Inosat has an emerging presence."
The Iberian Peninsula, comprised of Portugal and Spain, represents the second largest market for fleet management solutions in Western Europe with over 6 million commercial vehicles according to leading industry analyst firm Berg Insight. Furthermore, the market for fleet management solutions is far less mature in this region compared to other major markets in Europe, creating ample opportunity for growth.
All Inosat employees have joined the Fleetmatics team and will be driving sales and support of Inosat's current fleet management solution, Inofleet, in addition to Fleetmatics REVEAL™. Both products provide world class vehicle tracking and business intelligence solutions designed to help drive savings and improve productivity for virtually any mobile workforce.
"The combination of our success and expertise in Portugal with Fleetmatics' global scale is very powerful," said Jorge Carrilho and Tiago Borges, co-founders of Inosat, who will continue as leaders at Fleetmatics in Portugal. "We share a common vision regarding how to best serve our customers, and together we plan to provide unparalleled time and cost-saving solutions to mobile workforces."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Repay Holdings Corporation (RPAY) to Acquire Integrated Payments Provider BillingTree for $503 Million
- FibroGen (FGEN) Tops Q1 EPS by 9c, Revenues Miss
- Veracyte (VCYT) Tops Q1 EPS by 78c, Revenues Beat
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!