-- Acquisition Extends Leadership Position in Western Europe
DUBLIN and BOSTON, Feb. 24, 2015 /PRNewswire/ -- 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 the acquisition of Ornicar SAS ("Ornicar"), a SaaS provider of fleet management solutions in France. Based in Grenoble, Ornicar will add approximately 15,000 vehicles under subscription to Fleetmatics' existing installed base. Terms of the transaction, which closed on February 19, 2015, have not been disclosed.
"France stands out as a logical next step for investment as we further expand into mainland Europe and execute our global growth strategy," said Jim Travers, Fleetmatics CEO and Chairman of the Board. "With the acquisition of Ornicar and the French market expertise of the Ornicar team, we are excited to accelerate our presence and brand in a country that we believe offers us one of the largest market opportunities in Europe."
According to a recent report published by industry analyst firm Berg Insight1, France is the largest market for light commercial vehicles in Western Europe, with 5.9 million in use, while penetration of fleet management solutions is one of the lowest, at 13%. Taken together, these dynamics make France an attractive new market for Fleetmatics in Europe.
All Ornicar employees have joined the Fleetmatics team and will be driving sales and support in France for Fleetmatics REVEAL™, a powerful vehicle tracking and business intelligence solution designed to drive savings and improve productivity for virtually any mobile workforce.
"Ornicar has always focused on helping our French customers use the power of easy-to-use fleet management software to run their businesses more effectively and efficiently," said Alexandre Cuny and Christophe Brun, co-founders of Ornicar who will continue as managers at Fleetmatics in France. "Teaming with Fleetmatics, a leader and pioneer in the industry who shares our focus, is a great fit for us. We believe that our experience in the French market combined with the innovative technology and business model of Fleetmatics REVEAL™ will allow us to help virtually any mobile workforce in France save time and improve productivity with a fleet management solution."
About Fleetmatics Group PLC
Fleetmatics Group PLC 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 December 31, 2014, Fleetmatics served over 25,000 customers, with approximately 552,000 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 the Ornicar transaction); expectations regarding the market opportunity for fleet management solutions; our ability to expand the sales of our products to customers located outside the U.S.; our ability to continue to compete in a highly fragmented market; and the risk of future competitors by way of acquisition or otherwise; 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 March 17, 2014 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.
1 Source: Berg Insight "Fleet Management in Europe, Ninth Edition" (2014)
SOURCE Fleetmatics Group PLC