DUBLIN and BOSTON, Sept. 7,
2016 /PRNewswire/ -- Fleetmatics Group PLC (NYSE:
FLTX), a leading global provider of mobile workforce solutions for
service-based businesses of all sizes delivered as
software-as-a-service (SaaS), today 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[1]. 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."
About Fleetmatics Group PLC:
Fleetmatics Group
PLC (NYSE: FLTX) is a leading global provider of mobile workforce
solutions for service-based businesses of all sizes delivered as
software-as-a-service (SaaS). Our solutions enable businesses to
meet the challenges associated with managing local fleets, and
improve the productivity of their mobile workforces, by extracting
actionable business intelligence from real-time and historical
vehicle and driver behavioral data. Fleetmatics Group's
intuitive, cost-effective Web-based solutions provide fleet
operators with visibility into vehicle location, fuel usage, speed
and mileage, and other insights into their mobile workforce,
enabling them to reduce operating and capital costs, as well as
increase revenue. An integrated, full-featured mobile workforce
management product provides additional efficiencies related to job
management by empowering the field worker and speeding the job
completion process – quote through payment. As of June 30, 2016, Fleetmatics served approximately
38,000 customers and approximately 757,000 subscribed vehicles
worldwide. To learn more about Fleetmatics, visit
www.fleetmatics.com.
Forward-Looking Statements
This press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements about expanding our leadership position, extending our
international presence, and our ability to continue to develop
products that enhance cost savings. These forward-looking
statements include, but are not limited to: plans, objectives,
expectations and intentions and other statements contained in this
press release that are not historical facts and statements
identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "positions," "seeks," "estimates" or words of
similar meaning. These forward-looking statements reflect our
current views about our plans, intentions, expectations, strategies
and prospects, which are based on the information currently
available to us and on assumptions we have made. Although we
believe that our plans, intentions, expectations, strategies and
prospects as reflected in or suggested by those forward-looking
statements are reasonable, we can give no assurance that the plans,
intentions, expectations or strategies will be attained or
achieved. Furthermore, actual results may differ materially from
those described in the forward-looking statements and will be
affected by a variety of risks and factors that are beyond our
control including, without limitation, risks associated with our
ability to successfully complete our transaction with Verizon; our
ability to effectively and efficiently attract, sell to and retain
customers; our ability to continue to compete in a highly
fragmented market and the risk of future competitors by way of
recent and future acquisitions or otherwise; our ability to retain
and increase sales to our existing customers; our ability to
successfully attract customers on a cost-effective basis; our
dependence on enterprise customers and their renewal of their
agreements with us; our dependence on various lead generation
programs; our ability to successfully complete and integrate
acquisitions; expectations regarding the widespread adoption of
fleet management solutions; our ability to expand the sales of our
products in new geographies using our current lead generation and
sales model; the effect of fluctuations in foreign currency
exchange rates; our ability to integrate and sell our products
through indirect sales channels; our ability to maintain high
levels of performance of our software offering; our ability to keep
up with the rapid technological change required to remain
competitive in our industry; our ability to migrate customers to
newer technologies; the impact of adverse economic conditions on
information technology spending by our target customers; and
collection of our accounts receivable and other risks set forth
under the caption "Risk Factors" in the Company's Annual Report on
Form 10-K for the year ended December 31,
2015, as updated by our subsequently filed Quarterly Reports
on Form 10-Q and other documents of Fleetmatics on file with the
SEC or in the proxy statement on Schedule 14A that will be filed
with the SEC by Fleetmatics in connection with the acquisition of
Fleetmatics by Verizon. We assume no obligation to update any
forward-looking statements contained in this document as a result
of new information, future events or otherwise.
[1] Source: Berg Insight "Fleet Management in Europe, Eleventh Edition" (2016)
Public Relations:
Juli
Burda
Director of Public Relations
+1 847.378.4398
juli.burda@fleetmatics.com
Investor Relations:
Brian Norris
Vice President of Investor Relations
+1 781.250.3829
brian.norris@fleetmatics.com
Logo -
http://photos.prnewswire.com/prnh/20150220/176914LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fleetmatics-expands-its-southern-european-presence-with-acquisition-of-inosat-300322171.html
SOURCE Fleetmatics Group PLC
