Powerfleet to acquire Fleet Complete from OTPP for $200m.

Powerfleet, a provider of AIoT SaaS solutions for the mobile asset industry, agreed to acquire Fleet Complete, a provider of essential fleet, asset, and mobile workforce management solutions, from Ontario Teachers' Pension Plan, an investment company, for $200m. "The agreement to acquire Fleet Complete is a transformative milestone for Powerfleet and is expected to significantly enhance our revenue quality and bolster our EBITDA by increasing our scale and operating presence across North America and Europe. It will also extend significantly our go-to-market reach through established channel partnerships with some of the world's largest telecommunications providers. Additionally, it will support the strength of our revenue streams by integrating Fleet Complete's high-velocity mid-market business with our enterprise base; and expand the reach of our unique Unity data highway and innovative in-warehouse solutions across the Fleet Complete established subscriber base, creating powerful cross- and up-sell opportunities with existing customers and a compelling value proposition for new customers," Steve Towe, Powerfleet CEO.