WOODCLIFF LAKE, N.J. - Powerfleet, Inc. (NASDAQ:PWFL) and MiX Telematics (NYSE:MIXT) Limited (NYSE:MIXT, JSE:MIX) have announced that their shareholders approved the proposals concerning their impending business combination, expected to be finalized in the first week of April 2024.
The announcement, made on Tuesday, marks a significant step towards uniting the two companies under the Powerfleet brand with a primary listing on Nasdaq.
Steve Towe, CEO of Powerfleet, will continue to lead the combined entity. He expressed enthusiasm for the merger's potential to establish Powerfleet as a leading global AIoT SaaS company. Towe anticipates this move will accelerate growth in recurring revenues, expand profitability, and create enhanced value for investors.
Powerfleet, a global leader in IoT SaaS solutions, aims to optimize mobile assets and unify business operations through data science insights and advanced software. The company is headquartered in New Jersey with an innovation center in Israel and offices worldwide.
MiX Telematics, founded in 1996, is a prominent global provider of fleet and mobile asset management solutions as SaaS. The company serves over 1 million subscribers in more than 120 countries, offering solutions that enhance efficiency, safety, compliance, and security for enterprise fleets, small fleets, and consumers.
The forthcoming business combination will be discussed in greater detail during Powerfleet's Q4 2023 earnings call on March 12, 2024, and at the 36th Annual ROTH Conference from March 17-19, 2024.
This strategic move comes amid a landscape of increasing consolidation within the SaaS and IoT sectors, as companies seek to leverage technology to streamline operations and offer more comprehensive service portfolios.
The completion of the merger is contingent on meeting the remaining customary conditions. Shareholders and the market are advised that this press release contains forward-looking statements, and actual results may differ from expectations. The information is based on a press release statement.
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