New Zealand's largest fleet management company makes first acquisition.
How will this new merger play out? Coretex CEO Selwyn Pellet discusses it on NBR Radio and on demand on MyNBR Radio.
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A newly-merged fleet management technology company has just announced it has bought a US waste telematics company and will bring it into the New Zealand market.
Coretex, a merger announced two weeks ago between International Telematics, controlled by the Marris family, and Imarda, owned by Selwyn Pellett, has acquired US company Air-Trak. Figures were not disclosed.
Mr Pellett, Coretex chief executive, says Air-Trak, which manages mobile resources for the waste and recycling markets, is a small, yet strategic, acquisition that will help both companies grow.
“Air-Trak will benefit from the scale and resources in Coretex, allowing the business to better serve its existing customers and grow faster in its home market of North America.
“We will further accelerate growth by bringing the Air-Trak solution to the Australian and New Zealand markets – in fact we have already started to do this.”
Milford Active Growth Fund recently invested $6 million in Coretex – which makes technology to track and manage commercial vehicles – and has underwritten another $4 million to use if required.
This investment will help Coretex, New Zealand’s largest fleet management technology company, to accelerate its overseas growth.
The US fleet management market alone is forecast to grow from 14.7 million monitored vehicles in 2014 to 37.9 million by 2020.
At the time of the merger, Mr Pellet said: “There are discreet opportunities out there to buy small telematics companies with very specialist knowledge that we can bolt on to our existing business.”
Coretex has offices in New York, Denver, Auckland, Sydney, Melbourne, Perth, and Singapore, and an extensive dealer network in North America.
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