The internet of things (IoT) and mobile asset management provider Powerfleet Inc. today said it will merge with MiX Telematics Ltd., a fleet management tech firm based in South Africa, creating a single company with a combined subscriber base of some 1.7 million users.
Upon the deal’s expected closing in the first quarter of 2024, the combined business will be branded as Powerfleet, with its primary listing on Nasdaq and headquarters in Woodcliff Lake, New Jersey. The new entity will have total revenue of $279 million, and instantly become what the partners called one of the largest mobile asset IoT Software-as-a-Service (SaaS) providers in the world.
Powerfleet CEO Steve Towe will serve as CEO of the combined company, while Stefan Joselowitz, CEO at MiX Telematics, intends to retire at the conclusion of the transaction.
Founded in 1996, MiX Telematics employs in excess of 1,000 people and says its products and services provide enterprise fleets, small fleets, and consumers with efficiency, safety, compliance, and security solutions. Before the merger, the company stated that it actively manages over 959,000 mobile assets, from trucks and buses, to vans, cars, motorbikes and trailers.
Likewise, Powerfleet provides vehicle and material handling telematics products, as well as workflow management, asset tracking, and container, chassis, and trailer tracking tools.
The move marks the latest expansion for Powerfleet—which was formerly known as I.D. Systems Inc.—following its acquisition in March of Movingdots GmbH, a German provider of insurance telematics and sustainable mobility solutions. The company also bought the Israeli telematics and mobile IoT firm Pointer Telocation Ltd. and the the Atlanta-based telematics provider CarrierWeb, both in 2019. And it acquired Keytroller LLC, a manufacturer of electronic products for managing forklifts and other vehicles, in 2017.