DUBLIN and BOSTON, Nov. 2,
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
TrackEasy Oy, a rapidly-growing fleet management software provider
in Germany and Poland. Based in Berlin, TrackEasy will add approximately
15,000 vehicles under subscription to Fleetmatics' existing
installed base. Terms of the transaction, which closed on
November 1, 2016, have not been
disclosed.
"Building a presence in mainland Europe has been a strategic goal for
Fleetmatics, and with the acquisition of TrackEasy, we believe we
have solidified our position as one of the leading competitors in
Europe," said Jim Travers, Fleetmatics CEO and Chairman of the
Board. "TrackEasy and Fleetmatics share many commonalities
including rapid growth and a strong commitment to customer
satisfaction, as well as a focus on SMBs."
Germany and Poland represent two strategic markets for
Fleetmatics in Europe. Both are
large and relatively unpenetrated markets with healthy economies
poised for growth. According to leading industry analyst firm
Berg Insight1, these countries combined represent close
to seven million commercial vehicles. With this acquisition,
Fleetmatics' footprint in Europe
now includes the U.K., Ireland,
France, Italy, Poland, the
Netherlands, Germany and
Portugal.
All TrackEasy employees have joined the Fleetmatics team and
will be driving sales and support of its current TrackEasy solution
in Germany and Poltrack solution
in Poland. In addition, TrackEasy
will begin to offer Fleetmatics' REVEAL™ in early 2017. All
products provide world-class vehicle tracking and business
intelligence solutions designed to help drive savings and improve
productivity for virtually any mobile workforce.
"We're proud of the successful company we have built over the
years. Our growing and highly satisfied customer base is proof of
our commitment to help businesses across Germany and Poland drive savings and improve
productivity," Markku Lappalainen,
Group CEO. "By teaming with Fleetmatics, together we will better
serve our customers by providing best-in-class vehicle tracking and
business intelligence solutions."
Fleetmatics and Verizon Communications Inc. recently announced
they've entered into a definitive agreement under which Verizon
will acquire Fleetmatics. The acquisition is expected to close in
the fourth quarter of 2016.
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.
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
1 Source: Berg Insight "Fleet Management in
Europe, Eleventh Edition"
(2016)
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SOURCE Fleetmatics Group PLC
