FleetMatics agreed to acquire 100 percent of the outstanding shares of SageQuest, creating a combined new entity.
“With this acquisition of SageQuest, FleetMatics will extend our ability to deliver the best-in-class products and services to fleets of all sizes. It is the strength of our combined products and services, as well as our reputation as superior service providers that compelled this combination to happen,” explained Jim Travers, CEO of FleetMatics. “Together we possess an unmatched set of products and services. We are now in a stronger position to capture market share faster than our competitors and accomplish our goal of being the leading global software-as-a-service (SaaS) provider of vehicle management solutions.”
“We are excited about the prospects of growth through our combined efforts. While both organizations have had successful records of performance, this merger positions us as the clear market leader,” said Dennis Abrahams, president of SageQuest. “We now have the scale and financial stability to expand our reach into the commercial fleet market. We will be able to offer new customers the best solutions available anywhere, while providing our existing customers the exceptional products and support they have come to expect.” It is reported that Abrahams will continue as President of SageQuest and report directly to Jim Travers.
“The market for GPS tracking continues to evolve and mature at an intense pace and a number of market leaders are starting to emerge. The mobile resource management (MRM) market is still underpenetrated and the industry is going to experience serious growth over the next several years,” stated Clem Driscoll of C.J. Driscoll & Associates. Driscoll added, “These two companies have each established themselves as leading competitors in their respective market segments. The combined company possesses an impressive team, which has deployed solutions that have become well accepted by both large and small fleets.”
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