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MiX Telematics Limited - MIXT STOCK NEWS

Welcome to our dedicated page for MiX Telematics news (Ticker: MIXT), a resource for investors and traders seeking the latest updates and insights on MiX Telematics stock.

MiX Telematics Limited (NYSE: MIXT, JSE: MIX) is a premier global provider of fleet and mobile asset management solutions. Established in 1996, the company offers Software-as-a-Service (SaaS) products that enhance efficiency, safety, compliance, and security for a wide range of customers, including enterprise fleets, small fleets, and individual consumers. MiX Telematics operates in over 120 countries across six continents, managing more than 523,000 mobile assets, from trucks and buses to vans, cars, motorbikes, and trailers.

Headquartered in South Africa, MiX Telematics maintains a strong global presence with offices in the United Kingdom, the United States, Uganda, Brazil, Australia, and the United Arab Emirates. The company employs over 1,000 people and has a network of more than 130 fleet partners worldwide. MiX Telematics is publicly traded on both the Johannesburg Stock Exchange (JSE: MIX) and the New York Stock Exchange (NYSE: MIXT).

Recently, MiX Telematics announced a significant partnership with Parksafe Group, a leading supplier and manufacturer for the automotive industry. This collaboration aims to help MiX customers comply with Direct Vision Standards (DVS) and Fleet Operator Recognition Scheme (FORS) accreditations, enhancing road safety and operational compliance.

In another monumental development, MiX Telematics and PowerFleet, Inc. (Nasdaq: PWFL) entered into a definitive agreement to form one of the world's largest mobile asset IoT SaaS providers. The combined entity will cater to 1.7 million subscribers, offering innovative solutions for safety, risk management, compliance, sustainability, and operational efficiency. This partnership seeks to drive market consolidation and deliver transformative growth, leveraging their combined scale and expertise in AI and data-powered software solutions.

Financially, MiX Telematics is a robust and profitable organization with a strong balance sheet. The company is set to benefit from the combined entity's $75 million in incremental debt financing, aimed at redeeming outstanding convertible preferred stock and covering transaction-related expenses.

News

Frazier Healthcare Partners Adds Three New Team Members to Its Center of Excellence

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Frazier Healthcare Partners, a private equity firm specializing in healthcare, has announced the addition of three new professionals to its Center of Excellence.

Sanji Fernando joins as Partner – Data & Artificial Intelligence, Steve Blackhart as Vice President – Corporate Development, and Lindsey Murphy as Director – Sales Operations.

The Center of Excellence focuses on Human Capital, Technology & Innovation, Data Analytics & AI, M&A & Corporate Development, Finance, Operations, Legal, Commercial Excellence, and ESG.

Frazier aims to leverage their expertise to drive transformation and create value across its portfolio companies.

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Powerfleet and MiX Telematics Receive Shareholder Approval for Proposed Business Combination

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Powerfleet, Inc. (PWFL) and MiX Telematics Limited have received shareholder approval for their business combination, expected to close in April 2024. The combined entity will be known as Powerfleet, focusing on AIoT SaaS services for accelerated growth in revenues and profitability.
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Transport for Greater Manchester Chooses MiX Telematics

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MiX Telematics has been appointed by Transport for Greater Manchester to enhance fleet safety, efficiency, and sustainability by equipping nearly 2,000 bus vehicles with their SaaS solution and in-cab driver feedback. The partnership aims to support the safety, monitoring, and improvement of driving standards across the network.
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MiX Telematics Reports Third Quarter Fiscal Year 2024 U.S. GAAP Financial Results

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MiX Telematics Limited announced strong third-quarter financial results, including a net subscriber addition of 52,400, bringing the total base to over 1,142,000 subscribers. Total revenue increased to $39.1 million, up 6% year-over-year (constant currency), with subscription revenue up 6% year-over-year. Net income was $1.5 million, and adjusted EBITDA was up 13% year-over-year to $9.5 million, at an adjusted EBITDA margin of 24.4%. The Company's CEO, Stefan Joselowitz, highlighted the primary subscription-growth driver in the Africa segment and the progress of the merger with Powerfleet. Subscription revenue represented 86.1% of total revenue, and the majority of the Company's total revenue and subscription revenue are derived from currencies other than the U.S. Dollar, impacting reported U.S. Dollar revenue. Total revenue increased by 5.8% on a constant currency basis, year over year. However, gross profit margin decreased to 60.1%, and income from operations was $2.5 million, with operating income margin decreasing to 6.3%.
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Powerfleet and MiX Telematics Announce Shareholders Meetings to Vote on Proposed Business Combination

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Powerfleet, Inc. (PWFL) and MiX Telematics Limited (MIXT, MIX) have announced that their respective shareholders meetings will be held virtually on February 28, 2024, to vote on the proposed business combination between the parties. The completion of regulatory milestones has prepared the companies to realize anticipated strategic and financial benefits from the combination, with the transaction expected to close in April 2024, subject to the satisfaction of customary conditions.
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MiX Telematics Sets Third Quarter Fiscal Year 2024 Conference Call for February 1, 2024, at 8:00 a.m. ET and 3:00 p.m. SAST

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MiX Telematics Limited will hold a conference call to discuss its financial results for the third quarter of fiscal year 2024, which ended December 31, 2023. The call will be hosted by MiX Telematics management and will include a question-and-answer period. The call will take place on Thursday, February 1, 2024, at 8:00 a.m. Eastern time and 3:00 p.m. South African time. The results will be reported in a press release prior to the conference call.
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MiX Telematics and Powerfleet to Present at the Raymond James TMT and Consumer Conference on December 5, 2023

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MiX Telematics Limited (NYSE: MIXT, JSE: MIX) and Powerfleet (Nasdaq: PWFL) will be presenting at the Raymond James TMT and Consumer Conference on December 4-6, 2023, in New York, NY. The business combination between MiX Telematics and Powerfleet is expected to create one of the largest mobile asset Internet of Things (IoT) Software-as-a-Service (SaaS) providers globally. Management from both companies will present on December 5, 2023, at 9:45 a.m. Eastern time, with one-on-one meetings available throughout the event.
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MiX Telematics Reports Second Quarter Fiscal Year 2024 U.S. GAAP Financial Results

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MiX Telematics Limited (MIXT) announced Q2 financial results, with net subscriber additions of 47,400, total revenue of $37.8 million, and net income of $0.2 million. The company also reported a 41% increase in adjusted EBITDA to $8.5 million, and a 10% year-over-year increase in subscription revenue to $32.4 million.
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Powerfleet and MiX Telematics to Host Joint Investor Day on November 16, 2023

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PowerFleet, Inc. and MiX Telematics Limited will host a joint Investor Day on November 16 in New York. The event will focus on the strategic rationale and expected benefits of the business combination between the two companies. The combination will create one of the largest mobile asset IoT SaaS providers in the world. Powerfleet and MiX leadership teams will present the integration strategy, growth drivers, go-to-market approach, Unity platform, AI roadmap, customer success stories, and financial targets for the combined business.
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MiX Telematics Sets Second Quarter Fiscal Year 2024 Conference Call for November 8, 2023, at 8:00 a.m. ET and 3:00 p.m. SAST

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MiX Telematics will hold a conference call on November 8, 2023, to discuss its financial results for Q2 of FY2024. The call will be followed by a Q&A period and a live audio webcast will be available.
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FAQ

What is the market cap of MiX Telematics (MIXT)?

The market cap of MiX Telematics (MIXT) is approximately 322.4M.

What is MiX Telematics Limited?

MiX Telematics Limited is a leading global provider of fleet and mobile asset management solutions, offering software-as-a-service products to enhance efficiency, safety, compliance, and security.

Where is MiX Telematics headquartered?

MiX Telematics is headquartered in South Africa and has offices in various countries, including the United Kingdom, the United States, Uganda, Brazil, Australia, and the United Arab Emirates.

What is the significance of the partnership between MiX Telematics and PowerFleet?

The partnership aims to form one of the world's largest mobile asset IoT SaaS providers, leveraging combined expertise to deliver transformative growth and innovative solutions for 1.7 million global subscribers.

How many mobile assets does MiX Telematics manage?

MiX Telematics actively manages over 523,000 mobile assets, including trucks, buses, vans, cars, motorbikes, and trailers.

On which stock exchanges are MiX Telematics shares traded?

MiX Telematics shares are publicly traded on the Johannesburg Stock Exchange (JSE: MIX) and the New York Stock Exchange (NYSE: MIXT).

Who are some of the partners of MiX Telematics?

MiX Telematics has recently partnered with Parksafe Group to help customers comply with Direct Vision Standards (DVS) and Fleet Operator Recognition Scheme (FORS) accreditations.

What are the core services provided by MiX Telematics?

MiX Telematics offers fleet and mobile asset management solutions that enhance efficiency, safety, compliance, and security for various types of fleets.

How many employees does MiX Telematics have?

MiX Telematics employs over 1,000 people globally.

What is the business focus of the combined MiX Telematics and PowerFleet entity?

The combined entity will focus on safety, risk management, compliance, sustainability, and operational efficiency, aiming to drive market consolidation and deliver transformative growth.

What is the purpose of the $75 million debt financing secured by MiX Telematics and PowerFleet?

The $75 million in incremental debt financing will be used to redeem outstanding convertible preferred stock and cover transaction-related expenses.

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MiX Telematics Limited

NYSE:MIXT

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MIXT Stock Data

322.44M
319.54M
6.16%
46.8%
0.04%
Software - Application
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