Fleetmatics, a Dublin-based provider of GPS-based fleet management systems, has acquired French rival Ornicar for an undisclosed sum.
The move will add approximately 15,000 vehicles under subscription to Fleetmatics’ existing installed base.
According to a recent report published by industry analyst firm Berg Insight, 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 per cent.
Chief executive and chairman of the Tallaght-based company Jim Travers said the transaction closed last Thursday.
“France stands out as a logical next step for investment as we further expand into mainland Europe and execute our global growth strategy,” he said. “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.”
Based in Grenoble, Ornicar is a Software-as-a-Service fleet managment service provider. The company's co-founders Alexandre Cuny and Christophe Brun will continue as managers at Fleetmatics in France.
Fleetmatics announced full-year revenues that were up by 31 per cent to $64 million (€56m) on Wednesday.
The company said the number of active vehicles it has under subscription rose to 552,000, up 24 per cent year-over-year, as pre-tax profits doubled to $14million.
Fleetmatics is forecasting 2015 revenue to be in the range of $288 million to $290 million, which represents growth of approximately 25 per cent year-over-year at the midpoint.
