MENU
SEARCHThis acquisition will help boost Powerfleet's position in the AIoT market through an increased subscriber base and overall combined revenue.
Powerfleet's acquisition of Fleet Complete is expected to close on October 1, 2024, pending customary closing conditions.
Source: Automotive Fleet
Powerfleet, Inc. announced its strategic acquisition of Fleet Complete with the goal of boosting Powerfleet's position in the AIoT market.
This acquisition will increase the company's customer base to 2.6 million total combined subscribers with a forecasted combined revenue of $400 million, driving toward "Rule of 40" SaaS financial performance in the medium term.
Adding to Powerfleet's AIoT SaaS solution for the mobile asset industry, Fleet Complete, which operates in North America, Australia, and Europe, provides essential fleet, asset, and mobile workforce management solutions and a large portfolio of partnerships.
"[The acquisition will] 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," Steve Towe, CEO of Powerfleet, said.
Market Leadership: Powerfleet will be able to strengthen its position in the AIoT market as its subscribers will increase to 2.6 million.
Revenue Growth: Expected combined revenue to surpass $400 million, with $300+ million coming from high-margin SaaS revenue.
Global Expansion: Powerfleet will leverage Fleet Complete's established distribution partnerships, particularly in North America and international markets such as Australia and Europe.
AI Innovation: The addition of Fleet Complete's AI-powered video solution (FC Vision) will further enhance Powerfleet's AI capabilities and offerings in data integration, safety, and efficiency.
"Unity's device-agnostic capabilities, expanding suite of prepackaged third-party system integrations, and advanced AI align seamlessly with the long-term vision for our state-of-the-art FC Hub platform," Tony Lourakis, CEO of Fleet Complete, said. "The business combination will allow us to deliver deeper insights and enhanced solutions to customers."
The acquisition is expected to close on October 1, 2024, pending customary closing conditions. Powerfleet plans to hold a fireside chat on or around October 2, 2024, to discuss the transaction details, its rationale, and expected benefits upon its close.
Additionally, Powerfleet and Fleet Complete plan to hold a joint Investor Day on Thursday, November 21, 2024, virtually and on location in New York City.
Stay tuned to Automotive Fleet for more updates.
In this AF news recap, host Faith Howell covers how Waffle House stepped up during disaster response and new AI tech on the market.
Read More →
AI is no longer a future concept for fleets—it’s already embedded in the tools, data, and decisions that operators rely on every day. In this episode of the Fleet Forward Podcast, recorded live at Fleet Forward, industry leaders take the conversation beyond hype to examine what responsible AI adoption really looks like in fleet operations.
Read More →
As fleets rethink how they capture, manage, and act on vehicle data, telematics is at a major inflection point. In this episode of the Fleet Forward Podcast, we dive deep into one of the most pressing questions facing fleet leaders today: Should you rely on OEM factory-installed connectivity, aftermarket devices, or a hybrid of both?
Read More →
Experts from telematics analytics, fleet-as-a-service operations, and national EV benchmarking share how real-time data is reshaping fleet strategy—dispelling assumptions, validating best practices, and exposing costly missteps.
Read More →
A powerhouse panel featuring experts from the American Automotive Leasing Association, CalSTART, and municipal fleet leadership dives into the realities of navigating shifting emissions rules, regulatory waivers, federal agency actions, the future of the EPA’s endangerment finding, and the push for unified standards. They also examine the impacts of tariffs, autonomous vehicle policy, battery innovation, and the accelerating global EV market.
Read More →
This episode kicks off with a deep dive into the technologies and market forces reshaping today’s fleet landscape. Host Chris Brown is joined by Laolu Adeola (Leke Services), Tyson Jomini (J.D. Power), and Richard Hall (ZappiRide) to break down real-world data, shifting incentives, and practical strategies fleet leaders can use right now.
Read More →
In the middle of natural disasters fleet managers must shift priorities to protect people and assets. What policy items should be loosened, and when should the line be held?
Read More →
In this episode, fleet leaders from municipal, university, and private-sector organizations share a candid EV reality check. From infrastructure setbacks and policy whiplash to grant funding, total cost of ownership, and charging resiliency, this conversation dives into what it actually takes to scale electrification in the real world.
Read More →
A running list of the fleet industry’s most influential leaders, recognized for their lasting impact on commercial fleet management.
Read More →
After a decade of lagging compensation, fleet manager pay is climbing. But expanding responsibilities, larger fleets, and growing complexity continue to redefine the role.
Read More →
