BOCA RATON, FLORIDA – 25 August 2022 - MiX Telematics (JSE: MIX, NYSE: MIXT), a leading global SaaS provider of connected fleet management solutions, announced today that the company has signed a definitive agreement to acquire Trimble’s Field Service Management’s (FSM) business. The acquisition is subject to customary closing conditions.
“MiX Telematics focuses on providing the highest levels of value and customer satisfaction in multiple industries, and we look forward to offering these services to our new customers,” said Stefan Joselowitz, Chief Executive Officer and President of MiX Telematics. “The MiX and Trimble Field Service Management teams are working very closely together to ensure a seamless transition. The combination adds significant scale to our North American telematics subscriber base while diversifying that business into additional industry verticals. North America is a strategic priority for MiX, and we are well positioned to pursue M&A opportunities to bolster our regional organic growth investment.”
“We made a considerable effort to find the best company to continue the exceptional service and investment our telematics FSM customers expect and are pleased to have found that company in MiX Telematics,” said Paul Cardosi, Vice President within Trimble’s Transportation business. “Trimble remains focused on our core transportation and logistics capabilities and empowering our customers with a wide range of industry-focused solutions.”
FSM will add more than 40 000 subscribers to MiX’s subscriber base. The acquisition will be immediately accretive to MiX.
Trimble’s FSM business has been reported as part of the Trimble Transportation segment. The sale will not have a material financial impact on the segment or Trimble’s overall financial results.
Raymond James acted as financial advisor to MiX Telematics.