PRZOOM - /newswire/ -
Stellenbosch, Western Cape, South Africa, 2007/11/14 - OmniBridge, a world leader in fleet management solutions, together with Matrix, announced the listing of Telimatrix Limited on the Johannesburg Stock Exchange. NYSE: MIXT; JSE: MIX
In one of the most anticipated listings in months, telematics group, TeliMatrix Limited (TeliMatrix) today listed on the JSE main board. The share opened strongly at 180 cents, 5 cents higher than its placement price of 175 cents and was trading at 180 cents at 1pm, with over 4million shares having traded.
TeliMatrix provides a broad range of alternatives including vehicle tracking-and-recovery, driver safety and advanced fleet management products and services. Its recent acquisition of OmniBridge will strengthen its market position and expand its geographic footprint into 6 continents. TeliMatrix’s primary reason for listing was to facilitate the OmniBridge transaction, no capital was raised during the listing and no new shares were issued. The listing also enables TeliMatrix to take advantage of future acquisitive opportunities and increase public awareness of the company both locally and internationally.
Stefan Joss, CEO of TeliMatrix says: “TeliMatrix is very proud to be listed on the JSE. Through our highly cash generative businesses and the flexibility we now have of being a public company, we will be able to extend our local and global reach through organic and acquisitive growth.”
Joss adds: “TeliMatrix and OmniBridge compliment each other well and operate off similar technology platforms. Combining the two companies’ markets will enable us to roll out our recurring revenue model into the existing international distribution channel.”
At the current share price, the company’s market capitalisation stands at around R1.2 billion, with 640 million shares in issue.
TeliMatrix (telimatrix.com) was established in 1995 as a vehicle tracking and recovery business operating under the Matrix brand. In 2005 Kagiso acquired 25% of its equity to facilitate the company’s empowerment objective. With the aim of creating an integrated group focusing on all levels of vehicle telematics, In TeliMatrix acquired OmniBridge in 2007. The various businesses within TeliMatrix are all independently profitable and cash-generative.
TeliMatrix has three divisions:
Matrix was founded in 1995 by current TeliMatrix CEO Stefan Joss. With over 135 000 active subscribers it now has the largest GSM tracking subscriber base in the country. Matrix’s core activity is vehicle recovery and the business owns its own helicopter and operates a network of dedicated ground response teams throughout South Africa. Advanced technology gives Matrix a significant competitive advantage and has allowed it to expand its product offering and focus on value-added services. Examples of these value-added services include features such as “Crash Alert” and “No-Go Zones.”
“Crash Alert” sends a signal to the control room when a vehicle experiences a high impact and “No-Go Zones” alerts the control room when a vehicle enters an area that was identified as a high risk area where the owner is unlikely to travel. In both cases appropriate response teams (either medical or security) are immediately deployed.
OmniBridge (omnibridge.com) was founded in 1997, OmniBridge specialises in the design, development and sale of fleet management products and services for the commercial vehicle market globally. The products offer the full suite of information for complete fleet management including information about vehicle performance, driver performance, fuel consumption, location, tracking and utilisation. OmniBridge provides a wide range of solutions, primarily targeted at driver safety, productivity, and risk management. Its products are sold in over 75 countries through a global distribution network. Product brands include VDO FM (fleet management) and Datatrak. They have an installed base of over 300 000 on-board computers worldwide. OmniBridge has launched a subscription-based data delivery service called FM-Web which already has 14 000 connections generating healthy recurring revenue. In 1997, Siemens VDO abandoned its own internal onboard computer project and undertook to distribute the OmniBridge product range exclusively worldwide. In 2007 Siemens decided to exit all of its automotive businesses allowing OmniBridge to secure direct control of its worldwide distribution network as well as a direct presence in the United Kingdom and Europe.
About OmniBridge Europe
OmniBridge Europe was born out of OmniBridge’s acquisition of Siemens’s fleet management business in 2007. OmniBridge UK forms the hub of the group’s distribution into Europe and the Middle East with offices in the UK and Germany. Also part of the acquisition from Siemens, Datatrak is a vehicle tracking, fleet management and vehicle telematics business based in the United Kingdom (UK). It has its own proprietary communication network covering the UK. 80% of cash-in-transit vehicles in the UK are fitted with Datatrak products. OmniBridge Europe has 44 active and committed VDO FM distributors throughout Central and Eastern-Europe and the Middle East.