Company Enters Into Definitive Agreement to Acquire Visirun
DUBLIN and BOSTON / CRWEPressRelease / November 3, 2015 - Fleetmatics Group PLC (NYSE: FLTX), a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS), today announced that it has entered into a definitive agreement to acquire Visirun S.p.A. (“Visirun”), a SaaS-based provider of fleet management solutions headquartered in Ferrara, Italy. Visirun will add approximately 28,000 vehicles under subscription to Fleetmatics’ existing installed base and add an additional 3,000 customers. Terms of the transaction, which is expected to close in the fourth quarter of 2015, have not been disclosed.
“Italy was a natural next step in our European expansion plans and builds off of our recent entries into The Netherlands and France,” said Jim Travers, Chairman and CEO of Fleetmatics. “The acquisition of Visirun enables us to scale our European subscriber base while also bringing us important Italian market expertise.”
According to leading industry analyst firm Berg Insight1, Italy is the third largest telematics market in Western Europe with nearly 5 million commercial vehicles. Berg Insight estimates that approximately 5% of the commercial vehicles in Italy use a telematics solution today.
“For more than 6 years, Visirun has specialized in the development of GPS fleet tracking solutions designed to help businesses in Italy gain efficiencies, save money and make better decisions with their mobile assets in the field,” said Fabio Previato, founder of Visirun. “By joining with Fleetmatics, we’ll be able to both share valuable expertise and add additional resources, bringing even more value to the Italian market.”
Mr. Previato will remain with Fleetmatics and manage the Visirun business in Italy and all the current employees will join the Fleetmatics team. Fleetmatics will continue supporting and selling Visirun solutions in Italy.
About Fleetmatics Group PLC
Fleetmatics Group PLC (NYSE: FLTX) is a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS). Our solutions enable businesses to meet the challenges associated with managing local fleets, and improve the productivity of their mobile workforces, by extracting actionable business intelligence from real-time and historical vehicle and driver behavioral data. Fleetmatics Group's intuitive, cost-effective Web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce, enabling them to reduce operating and capital costs, as well as increase revenue. An integrated, full-featured mobile workforce management product provides additional efficiencies related to job management by empowering the field worker and speeding the job completion process - quote through payment. As of June 30, 2015, Fleetmatics served approximately 29,000 fleet management customers, with approximately 625,000 subscribed vehicles worldwide. Fleetmatics has used, and intends to continue to use, the investor relations portions of its website as a means of disclosing material non-public information and for complying with disclosures obligations under Regulation FD. To learn more about Fleetmatics, visit www.fleetmatics.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the market opportunity and the strategic benefits we expect from the transaction. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Fleetmatics’ actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with our ability to effectively and efficiently attract, sell to and retain customers; our ability to retain and increase sales to existing customers; our ability to successfully complete and integrate acquisitions (including Visirun); expectations regarding the market opportunity for fleet management solutions in Italy and Europe; our ability to expand the sales of our products in new geographies using our current lead generation and sales model; the effect of fluctuations in currency exchange rates; our ability to continue to compete in a highly fragmented market; the risk of future competitors by way of acquisition or otherwise; and the impact of adverse economic conditions on information technology spending by our target customers. For a more detailed description of the risk factors associated with Fleetmatics, please refer to the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2015 and subsequent filings with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Investor Relations Contact:
1 Source: Berg Insight “Fleet Management in Europe, Ninth Edition” (2014)