E-Road has acquired New Zealand-based telematics supplier Coretex, which it says will boost its market presence in North America and other global markets.
The company says the acquisition will help it reach its goal of deploying 250,000 units. The deal will accelerate E-Road’s growth metrics by two years in North America, the company announced.
“We have always stated that acquisition would be part of our growth strategy to reach our medium- and long-term goals. We have been clear we would seek complementary and proven technology to augment our product range. To accelerate growth, any acquisition target needed to deliver increased capability, improved customer experiences and access to additional market verticals. In Coretex we have found a highly complementary partner which allows us to satisfy these criteria,” said Steven Newman, CEO of E-Road.
The acquisition will add 64,177 units to E-Road’s count of connected units in North America, Australia, and New Zealand.