Powerfleet Expands Reach with Fleet Complete Acquisition

Powerfleet, Inc. announced its strategic acquisition of Fleet Complete. This deal is expected to boost Powerfleet's leadership position, expanding its customer base to 2.6 million subscribers and forecasting a combined revenue exceeding $400 million.

The acquisition is a significant step for Powerfleet, helping the company solidify its presence in the AIoT market. Fleet Complete, which operates in North America, Australia, and Europe, brings a strong portfolio of fleet, asset, and mobile workforce management solutions. The combined strength of the two companies will offer an even more robust set of tools for fleet managers.

“This is a game-changer for us,” said Steve Towe, CEO of Powerfleet. “By joining forces with Fleet Complete, we’re able to extend our global reach, improve our revenue streams, and expand our ability to provide innovative solutions, including enhanced AI-powered capabilities for our customers.”

Fleet Complete CEO, Tony Lourakis, echoed the excitement, stating, “Powerfleet’s Unity platform and our FC Vision AI-powered video solution are a natural fit. Together, we’ll deliver greater value and deeper insights to our customers.”

Key Highlights of the Acquisition:

• Increased Market Leadership: With a combined 2.6 million subscribers, Powerfleet strengthens its position in the AIoT market.
• Geographic Expansion: This acquisition boosts Powerfleet’s presence in North America, Europe, and Australia, providing growth potential across diverse markets.
• AI Innovation: Fleet Complete’s AI-driven camera and video solutions will complement Powerfleet’s Unity platform, driving advancements in AI technology and new product development.
• Financial Benefits: The transaction is valued at $200 million, with an expected combined revenue of $405 million by March 2025, including $300+ million from recurring SaaS revenue.

What’s Next?

The acquisition is expected to close on October 1, 2024, pending standard conditions. Powerfleet will hold a fireside chat in early October to provide more insights into the deal's benefits. Additionally, an Investor Day is planned for November 21, 2024, to further discuss the company’s long-term vision.

Stay tuned to Work Truck for more updates on how this acquisition impacts the fleet management industry.