Powerfleet acquires Canadian technology company Fleet Complete

Powerfleet, Inc., a provider of AIoT SaaS solutions for the mobile asset industry, has entered into a definitive agreement providing for the strategic acquisition of Canadian company Fleet Complete, a player in connected vehicle technology and fleet management.

With 2.6 million total combined subscribers and forecasted combined revenue of over $400 million, the acquisition is expected to solidify Powerfleet’s position in the rapidly expanding AIoT market, driving toward “Rule of 40” SaaS financial performance in the medium term.

“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,” said 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.”

Fleet Complete is a provider of essential fleet, asset and mobile workforce management solutions across North America, Australia and Europe. More than half of Fleet Complete’s revenue is generated through distribution partnerships with major international telecommunications providers and market-leading OEMs.