News

PowerFleet and Mix Telematics Agree to Merge

James L. Flint

• October 10, 2023

By Will Feuer

PowerFleet and Mix Telematics have reached an agreement to merge, creating a larger fleet-management company that aims to strengthen its position in the growing internet-of-things (IoT) industry.

After the completion of the all-stock deal, Mix shareholders will hold approximately 65% of the company, while PowerFleet shareholders will own the remaining portion. Alongside the merger, the combined company plans to secure $75 million in debt.

Steve Towe, the Chief Executive Officer of PowerFleet, will continue to serve as the CEO of the newly formed company. David Wilson, the Chief Financial Officer, will retain his position as well. On the other hand, Mix CEO Stefan Joselowitz will retire.

A new board will be established that includes Michael Brodsky, the Chairman of PowerFleet, as the chairman of the combined company. Steve Towe will also join the board, along with Ian Jacobs, the Chairman of Mix.

With a trailing 12-month revenue of $279 million for the period ending on June 30, the merged company will be a significant player in the industry. PowerFleet offers its internet-of-things solution through a software-as-a-service subscription model.