Powerfleet and MiX Telematics Announce Transformative Business Combination, $279M in Revenue Synergies
Author: Benzinga Newsdesk | October 10, 2023 07:07am
PowerFleet, Inc. (NASDAQ:PWFL) and MiX Telematics Limited (NYSE:MIXT, JSE: MIX))))) today announced that they have entered into a definitive agreement to form one of the largest mobile asset Internet of Things (IoT) Software-as-a-Service (SaaS) providers in the world. This powerful combination will form a scaled, global entity of choice focused on helping customers save lives, time, and money by solving mission-critical business challenges including safety and risk management, compliance, sustainability, and operational efficiency.
BUSINESS COMBINATION SUMMARY AND KEY DEVELOPMENTS
- Combined business with total revenue of $279 million, including $210 million in recurring high-margin SaaS revenue and $39 million of adjusted EBITDA for the trailing twelve-month (TTM) period ended June 30, 2023 (excluding selected non-cash and non-recurring items).
- The transaction is expected to close in the first quarter of calendar year 2024.
- Upon close, the combined business will be branded as Powerfleet, with its primary listing on Nasdaq.
Posted In: MIXT PWFL
