Spireon Inc. has achieved its 20th consecutive quarter of year-over-year revenue growth, as the company added over 1 million new connected devices in the past year across its vehicle telematics segments, including new and used car dealers and lenders, small and medium-sized fleets, transportation and trailer, rental car companies and consumer markets, the company announced.
Spireon’s growth has been fueled by expansion among automotive industry customers along with growth among its fleet and transportation customers, according to the company. Spireon grew revenue 20% year-over-year for the first half of 2016, and more than doubled its profitability.
Spireon experienced growth among fleet businesses during the first half of 2016 with its FleetLocate solution delivering significant customer benefits of improved business productivity, operating efficiency and customer service, according to the company.
Revenue grew 27% in the first half while total contract value for this segment increased 70%. Spireon’s enterprise fleet, trailer and transportation segment growth was fueled by new solution offerings including Spireon’s FleetLocate Temperature Monitoring product and Spireon’s Driver Performance Program, as well as Spireon’s unique model of customer engagement focused on delivering outstanding customer service and support.
Spireon’s Local Fleet business segment revenue increased 14% year over year. Through Spireon’s VehiclePath channel program, Spireon partners with local and national resellers to provide small and medium-sized businesses GPS-based telematics solutions that help lower their overhead and increase revenue.
A recent report from analyst firm C.J. Driscoll & Associates estimates that the U.S. mobile resource management (MRM) market will expand to over 14 million units, and MRM hardware and service revenues will grow to over $4.7 billion.