Fleetmatics Expands Its Southern European Presence with Acquisition of Inosat
Company Extends Global Footprint and Continues European Expansion
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.
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"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
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