Powerfleet, Inc. announced plans to acquire Fleet Complete, a provider of connected vehicle technology and fleet management.
“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,” says Steve Towe, CEO of Powerfleet. “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 up-sell opportunities with existing customers and a compelling value proposition for new customers.”
“The disruptive and differentiated intent of Powerfleet’s Unity strategy was a key factor in our decision to join forces,” says Tony Lourakis, Fleet Complete’s CEO. “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.”
Key takeaways:
- With 2.6 million total combined subscribers and forecasted combined revenue of over $400 million, the acquisition is expected to solidify Powerfleet’s position as a true global leader in the automated Internet of Things (AIoT) market, driving toward “Rule of 40” SaaS financial performance in the medium term.
- Fleet Complete is a provider of essential fleet, asset, and mobile workforce management solutions across North America, Australia, and Europe.
- The acquisition strengthens Powerfleet’s North American presence and fuels top-line growth in key international markets, including Europe and Australia.
- The acquisition significantly enhances the scale of Unity’s data ingestion, integration capabilities, and cross-sell/upsell potential with the addition of 600,000 new subscribers. Fleet Complete’s artificial intelligence (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.
