Fleetmatics has acquired French fleet management firm Ornicar, following a successful year of growth in 2014.
Based in Grenoble, Ornicar will add approximately 15,000 vehicles under subscription to Fleetmatics’ existing installed base. Terms of the transaction, which closed on February 19, 2015, have not been disclosed.
“France stands out as a logical next step for investment as we further expand into mainland Europe and execute our global growth strategy,” said Jim Travers, Fleetmatics CEO and chairman of the board.
“With the acquisition of Ornicar and the French market expertise of the Ornicar team, we are excited to accelerate our presence and brand in a country that we believe offers us one of the largest market opportunities in Europe.”
Ornicar has always focused on helping our French customers use the power of easy-to-use fleet management software to run their businesses more effectively and efficiently,” said Alexandre Cuny and Christophe Brun, co-founders of Ornicar who will continue as managers at Fleetmatics in France.
“Teaming with Fleetmatics, a leader and pioneer in the industry who shares our focus, is a great fit for us.”
The acquisition follows a strong 2014.
“Without question, 2014 was a year of tremendous progress throughout the Company,” said Travers. "We opened up several new geographic markets and introduced innovative new cloud based solutions for fleet and field service management all while delivering significantly improved financial results."
Total revenue for the fourth quarter of 2014 was $64.0 million, an increase of 28% compared to $50.1 million for the fourth quarter of 2013.
Total revenue for the full year of 2014 was $231.6 million, an increase of 31% compared to $177.4 million for the full year of 2013.