Automile is headquartered in Stockholm, with additional offices in Norway and the US. Investcorp acquired ABAX in 2017 with the aim of supporting its growth strategy by capitalising on the fragmented and expanding market for telematics solutions.ĪBAX represents Investcorp’s fourth investment in the space, with other notable investments including SageQuest and Fleetmatics which rapidly expanded under its ownership and successfully merged and listed on the New York Stock Exchange in 2012, creating the fastest growing global fleet tracking software provider, and was ultimately acquired by Verizon Communications Inc. Norwegian-based ABAX, one of the leading companies in Europe within the telematics and IoT industries, has 300 employees and offices in Norway, Sweden, Denmark, Finland, United Kingdom, the Netherlands, Belgium, and Poland. Our acquisition demonstrates confidence in the growth potential of the new combined entity, and we look forward to working together to accelerate our growth ambitions in the years to come."įounded in 2003, ABAX is one of Europe’s largest telematics solution providers. Together with Automile, we will be at the forefront of innovation with the most modern, open, and advanced telematics platform. In turn, Morten Strand, Group CEO of ABAX, commented, "The acquisition is an important step for us to further strengthen our operations and our position in the Nordics, Europe, and globally. Search Dyllan Debord Partner Operations Director, Nordics Lyd & Bilde Found 2 emails : Peter Jensen Chief Strategy Officer L&b. ABAX has delivered consistent growth and we believe that the company is well-positioned for the future with a proven acquisition playbook in an expanding addressable market." ABAX is at the forefront of telematics connecting all company assets on an unprecedented level. Our customer base of 43,000, and more than 504,500 subscriptions are constantly growing within our ABAX Global Network. This combination creates the second largest telematics player in Europe by the number of subscriptions and will enable ABAX to offer new and existing customers a wider array of value-added connectivity services with greater geographic coverage.Ĭommenting on the announcement, Daniel Lopez-Cruz, Investcorp’s Head of Private Equity, Europe, said, "We backed ABAX to acquire Automile as the transaction enhances ABAX’s leadership position in the highly fragmented and growing telematics market, which we believe remains underpenetrated despite increased rates of adoption. ABAX is the second-largest telematics company and one of the largest IoT companies in Europe. Real-time updates, trip logging, routing, idling, utilization. The addition of Automile strengthens ABAX’s growth platform, bringing together a highly complementary portfolio of telematics solutions that will leverage ABAX’s global IoT network. Automile, an IoT company, provides real-time gps tracking and management of fleets and assets. The transaction has closed and positions the combined group as a global telematics leader with more than 360,000 subscriptions, the company said in a statement.ĪBAX is the first telematics solutions provider in the Nordics and one of the largest in Europe. Investcorp, Bahrain-based asset manager that counts Mubadala Investment Company as its biggest shareholder, announced on Monday that its portfolio company ABAX has acquired Automile, a Nordic based provider of telematics and Internet of Things, IoT, services.
0 Comments
Leave a Reply. |