![]() (NYSE, Nasdaq: VZ) in 2016 for US $2.4 billion. ABAX 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. Developer of an online fleet management software intended to connect vehicle drivers to fleet managers for vehicle and equipment tracking. Investcorp acquired ABAX in 2017 with the aim of supporting its growth strategy by capitalizing on the fragmented and expanding market for telematics solutions. Automile offers robust tools for fleet management, vehicle & asset tracking and mileage logging. 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. Morten Strand, Group CEO of ABAX, said: “The acquisition is an important step for us to further strengthen our operations and our position in the Nordics, Europe, and globally. Quite literally the largest selection of new an used vehicles anywhere in the state is found in one convenient destination. ![]() (Route 14) and Rockside Road south 1/2 mile and east 1/2. 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.” The Bedford Automile now stands as 24 new car/truck franchises that extends approximately from the intersection of Broadway Ave. 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.ĭaniel 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. 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. Trusted with over 10,000 businesses and 87,000 subscribers, Automile offers fleet tracking, fleet management, and asset tracking services to small- medium and. The transaction has closed and positions the combined group as a global telematics leader with more than 360,000 subscriptions. ![]() The company made about SEK 600M ($60M) in 2019 and is owned by Investcorp, a Bahrain-based private equity investment firm which acquired it in 2017.Investcorp, a leading global provider and manager of alternative investment products, today announced that its portfolio company ABAX (“ABAX”), the #1 telematics solutions provider in the Nordics and one of the largest in Europe, has acquired Automile (“Automile”), a Nordic based provider of telematics and internet of things (IoT) services. The company offers fleet tracking, logging, fleet management and activity tracking services to small and medium-sized businesses based in Sweden, Norway, the rest of Europe and the USA and which generated sales of about SEK 200M ($20M) in 2019.Īutomile raised almost $50M in capital investment from investors including Insight Ventures, Dawn Capital, Point Nine Capital and Salesforce Ventures.Ībax, led by CEO Morten Strand, is one of Europe's fastest growing companies in the telematics industry, and a major player in the sale and development of electronic driving books for vocational and private cars. The acquisition is expected to be completed by the end of October 2020.Īutomile, founded in 2013 by Jens Nylander (CEO), Hervé Soursou, Jacob Pontén and Felix Rosén, developed a mobile-first, design-first fleet and field service management solution in use by over 10,000 companies and 87,000 subscribers. ![]() ![]() The two parties will form a leading Nordic SaaS company providing telematics and IoT services with over 350,000 subscriptions in Europe and the USA. The financial details of the transaction remained undisclosed. Abax, an Oslo, Norway-based developer of vehicle monitoring software, announced that it entered into an agreement for acquiring the Swedish provider of telematics and IoT solutions Automile. ![]()
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