Acquisition Expected to Create a $400m+
Revenue Company, Including $300m+ of Recurring SaaS Revenue,
$85m EBITDA, and Significant
Expansion Opportunities
WOODCLIFF LAKE, N.J., Oct. 1, 2024
/PRNewswire/ -- Powerfleet, Inc. (Nasdaq: AIOT) has
successfully closed the previously announced 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, including more than $300
million of recurring SaaS revenue, this transformative
acquisition is expected to solidify Powerfleet's position as a true
global leader in the rapidly expanding AIoT market.
"We are thrilled to have completed this transformative and
highly accretive transaction. This acquisition immediately scales
our presence in both North America
and Europe while unlocking
substantial top-line growth opportunities through Fleet Complete's
established indirect channel partnerships, particularly in the U.S.
and Canada. Moreover, the
acquisition enhances Unity's data ingestion and integration
capabilities, adding 600,000 new subscribers while expanding
cross-sell opportunities and strengthens our position in the
fast-growing AI-powered video market with Fleet Complete's FC
Vision solution," said Steve Towe,
CEO of Powerfleet. "We are excited to welcome Fleet Complete to the
Powerfleet family and are confident in our ability to deliver
enhanced shareholder value moving forward."
ABOUT POWERFLEET
Powerfleet (Nasdaq: AIOT; JSE: PWR)
is a global leader in the artificial intelligence of things (AIoT)
software-as-a-service (SaaS) mobile asset industry. With more than
30 years of experience, Powerfleet unifies business operations
through the ingestion, harmonization, and integration of data,
irrespective of source, and delivers actionable insights to help
companies save lives, time, and money. Powerfleet's ethos
transcends our data ecosystem and commitment to innovation; our
people-centric approach empowers our customers to realize impactful
and sustained business improvement. The company is headquartered in
New Jersey, United States, with offices around the globe.
Explore more at www.powerfleet.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking
statements within the meaning of federal securities laws.
Powerfleet's actual results may differ from its expectations,
estimates and projections and consequently, you should not rely on
these forward-looking statements as predictions of future events.
Forward-looking statements may be identified by words such as
"expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions.
These forward-looking statements include, without limitation,
Powerfleet's expectations with respect to its beliefs, plans,
goals, objectives, expectations, anticipations, assumptions,
estimates, intentions and future performance, as well as
anticipated financial impacts of the acquisition of Fleet Complete.
Forward-looking statements involve significant known and unknown
risks, uncertainties and other factors, which may cause their
actual results, performance or achievements to be materially
different from the future results, performance or achievements
expressed or implied by such forward-looking statements. All
statements other than statements of historical fact are statements
that could be forward-looking statements. Most of these factors are
outside Powerfleet's control and are difficult to predict. The
risks and uncertainties referred to above include, but are not
limited to, risks related to: (i) the ability to realize the
anticipated benefits of the acquisition of Fleet Complete; (ii) the
ability to successfully integrate the businesses; (iii) disruption
from the acquisition of Fleet Complete making it more difficult to
maintain business and operational relationships; (iv) the negative
effects of the consummation of the acquisition of Fleet Complete on
the market price of Powerfleet's securities; (v) significant
transaction costs and unknown liabilities; (vi) litigation or
regulatory actions related to the acquisition of Fleet Complete;
and (vii) such other factors as are set forth in the periodic
reports filed by Powerfleet with the Securities and Exchange
Commission ("SEC"), including but not limited to those described
under the heading "Risk Factors" in its annual reports on Form
10-K, quarterly reports on Form 10-Q and any other filings made
with the SEC from time to time, which are available via the SEC's
website at http://www.sec.gov. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
to be incorrect, actual results may vary materially from those
indicated or anticipated by these forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements.
The forward-looking statements included in this press release
are made only as of the date of this press release, and except as
otherwise required by applicable securities law, Powerfleet assumes
no obligation, nor does Powerfleet intend to publicly update or
revise any forward-looking statements to reflect subsequent events
or circumstances.
Powerfleet Investor Contacts
Carolyn Capaccio and Jody Burfening
LHA Investor Relations
AIOTIRTeam@lhai.com
Powerfleet Media Contact
Jonathan Bates
jonathan.bates@powerfleet.com
+44 7921 242 892
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SOURCE Powerfleet