PRZOOM - /newswire/ -
Johannesburg, Gauteng, South Africa, 2007/05/25 - Control Instruments (CI) has signed an agreement to merge its fleet management interests with Matrix Vehicle Tracking Ltd.
Control Instruments has signed an agreement to merge its fleet management interests with Matrix Vehicle Tracking Limited. This includes CI OmniBridge, (one of the world’s leading providers of fleet management solutions), CI OmniBridge’s US based business Tripmaster Corporation as well as the recently acquired Datatrak and Siemens VDO Fleet Telematics businesses in the UK.
Control Instruments Group Limited announced that it had signed an agreement on 21 May 2007 whereby its fleet management interests will be merged with Matrix Vehicle Tracking Limited and the new combined business will be listed on the JSE, subject to JSE approval.
The businesses of both companies complement each other very well; with CI OmniBridge focussed primarily on commercial vehicle fleet management and Matrix on consumer vehicle tracking and personal safety. The merged entity will enjoy a combined base of in excess of 165,000 subscribers, a global installed base of over 450,000 vehicles and a distribution network in more than 40 countries world-wide. It will be a powerful player in the world market with offices in South Africa, the United Kingdom, Germany and the USA.
“Merging the two businesses is a logical step and combines Matrix’s substantial existing annuity revenue stream and customer base with CI OmniBridge’s proven technology platform and product development capability as well as its international distribution network and customer base,” said CI OmniBridge MD Charles Tasker.
“The two businesses operate in different sectors of the fleet telematics market, which creates many synergistic opportunities and sets up the new business to focus on all levels of fleet telematics – globally. The combined business will have a critical mass, a global presence, proven technology and a large customer base” he added.
“Control Instruments was one of the founding partners of Matrix, and the companies know each other well. With the strong growth of both businesses over recent years, it makes absolute sense to maximise the value and potential by merging the two”, concludes Tasker.
Control Instruments OmniBridge (CI) is a subsidiary company of Control Instruments Group Ltd and provides the broadest range of fleet management information to customers around the world, using products and services developed by CI OmniBridge and for which CI OmniBridge owns the Intellectual Property.