MiX Telematics to acquire Trimble's Field Service Management Business

Rhea-AI Summary

MiX Telematics (NYSE: MIXT) has announced a definitive agreement to acquire Trimble's Field Service Management (FSM) business, adding over 40,000 subscribers to its base. This strategic move enhances MiX's scale in North America and diversifies its offerings across industry verticals. CEO Stefan Joselowitz emphasized the focus on customer satisfaction and seamless integration. The acquisition is expected to be immediately accretive for MiX. Trimble's FSM will not materially impact its financial results, as it will continue to focus on core transportation capabilities.

Positive

• Acquisition adds over 40,000 subscribers to MiX's base.
• Immediate accretion expected from the acquisition.
• Enhances scale and diversification in the North American market.

Negative

• None.

BOCA RATON, Fla., Aug. 25, 2022 /PRNewswire/ -- MiX Telematics (JSE: MIX) (NYSE: MIXT), a leading global SaaS provider of connected fleet management solutions, announced today that the company has signed a definitive agreement to acquire Trimble's Field Service Management's (FSM) business. The acquisition is subject to customary closing conditions.

"MiX Telematics focuses on providing the highest levels of value and customer satisfaction in multiple industries, and we look forward to offering these services to our new customers," said Stefan Joselowitz, Chief Executive Officer and President of MiX Telematics. "The MiX and Trimble Field Service Management teams are working very closely together to ensure a seamless transition. The combination adds significant scale to our North American telematics subscriber base while diversifying that business into additional industry verticals. North America is a strategic priority for MiX, and we are well positioned to pursue M&A opportunities to bolster our regional organic growth investment."

"We made a considerable effort to find the best company to continue the exceptional service and investment our telematics FSM customers expect and are pleased to have found that company in MiX Telematics," said Paul Cardosi, Vice President within Trimble's Transportation business. "Trimble remains focused on our core transportation and logistics capabilities and empowering our customers with a wide range of industry- focused solutions."

FSM will add more than 40 000 subscribers to MiX's subscriber base. The acquisition will be immediately accretive to MiX.

Trimble's FSM business has been reported as part of the Trimble Transportation segment. The sale will not have a material financial impact on the segment or Trimble's overall financial results.

Raymond James acted as financial advisor to MiX Telematics.

About Trimble

Trimble is an industrial technology company transforming the way the world works by delivering solutions that enable our customers to thrive. Core technologies in positioning, modeling, connectivity, and data analytics connect the digital and physical worlds to improve productivity, quality, safety, transparency, and sustainability. From purpose-built products to enterprise lifecycle solutions, Trimble is transforming industries such as agriculture, construction, geospatial, and transportation. For more information about Trimble (NASDAQ: TRMB), visit: www.trimble.com.

About MiX Telematics

MiX Telematics is a leading global provider of fleet and mobile asset management solutions delivered as SaaS to 838,300 global subscribers spanning more than 120 countries. The company's products and services provide enterprise fleets, small fleets and consumers with solutions for efficiency, safety, compliance and security. MiX Telematics was founded in 1996 and has offices in South Africa, the United Kingdom, the United States, Uganda, Brazil, Mexico, Australia and the United Arab Emirates as well as a network of more than 130 fleet partners worldwide. MiX Telematics shares are publicly traded on the Johannesburg Stock Exchange (JSE: MIX) and on the New York Stock Exchange (NYSE: MIXT). For more information, visit www.mixtelematics.com.

View original content:https://www.prnewswire.com/news-releases/mix-telematics-to-acquire-trimbles-field-service-management-business-301612382.html

SOURCE MiX Telematics

FAQ

What is MiX Telematics' new acquisition?

MiX Telematics has acquired Trimble's Field Service Management business.

How many subscribers will MiX Telematics gain from the acquisition?

MiX Telematics will add over 40,000 subscribers from Trimble's FSM business.

What impact will the acquisition have on MiX Telematics' financials?

The acquisition is expected to be immediately accretive to MiX Telematics.

What are the strategic goals for MiX Telematics in North America?

MiX aims to enhance its scale and diversify its business within North America through this acquisition.

Will Trimble be impacted financially by the sale of its FSM business?

The sale will not have a material financial impact on Trimble's overall results.