New Data-Powered Safety and Security Application from Powerfleet to Save Lives, Time, and Money for Fleets Worldwide

Rhea-AI Summary

Powerfleet, Inc. (Nasdaq: PWFL) launched its Safety and Security application, enhancing driver management and theft prevention through data integration from various IoT devices. This solution provides real-time monitoring of incidents, improving decisions that reduce collision risks and enhance asset longevity. The application aims to tackle safety challenges amid rising trucking fatalities, with a reported 29% increase over the past decade. Future developments include modular applications focusing on specific business issues. The launch follows Powerfleet's agreement to acquire Movingdots, enhancing its offerings in insurance telematics and sustainable mobility.

Positive

• Introduction of the Safety and Security application improves visibility and insights from safety incidents.
• The application offers real-time monitoring of driver behavior, potentially reducing accidents and theft.
• Acquisition of Movingdots strengthens Powerfleet’s market position and service offerings.

Negative

• None.

Solution brings together multiple data sources to enhance driver management, prevent theft, and features first-of-its-kind collision reconstruction capabilities

WOODCLIFF LAKE, N.J., March 29, 2023 (GLOBE NEWSWIRE) -- Powerfleet, Inc. (Nasdaq: PWFL) launched its Safety and Security data-powered application to Unity, its fleet intelligence platform. Unity ingests, compiles, and enriches data from any IoT device or third-party business system. Mixed fleets, over the road or in the warehouse or distribution center, now have a single source of truth to revolutionize the safety of assets, vehicles, and most importantly, its people.

With Powerfleet’s new and enhanced data-science-driven solution, businesses have improved visibility and insights from real-world safety and security incidents under one comprehensive and highly focused set of dashboards and reporting. The result is informed and quicker decisions that reduce risk of collisions and personal injury, decrease theft, increase asset and vehicle longevity, improve driver retention, and maintain brand reputation.

This new application represents the first of a number of new and improved modular applications that are expected to be delivered throughout 2023. The new modularization of the applications gives customers the ability to focus their attention on the exact main business issues they wish to tackle without getting lost in the myriad of data that is produced from IoT hubs.

“In the US alone, there has been a 29% increase in trucking fatalities the past decade, along with more than 70 deaths and 7,000 accidents involving forklifts. Powerfleet is determined to help improve these statistics,” said Steve Towe, Chief Executive Officer at Powerfleet. “The safety and security of drivers and fleets is our top priority. This is just the start of the highly relevant, game-changing innovations we will bring, focusing next on businesses ability to improve sustainability in the second quarter of 2023.”

One of the industry’s most comprehensive solutions of its kind, the new application not only mitigates the risk of accidents. The collision reconstruction tool also provides customers with forensic data to establish cause and potentially mitigate liability. The Safety and Security solution takes live-streamed data from fleet IoT and telematics devices and dash cam footage, including driver behavior and external environmental conditions, to provide a clear scenario of what happened before, during, and after a collision. Triggering alerts through advanced data intelligence, for incidents such as speeding, distracted driving, or danger spots, allows real-time monitoring of driver safety and documentation.

Along with the safety of people, Powerfleet protects assets with an extensive array of technologies and services designed to prevent robberies and thefts. This includes advanced stolen asset and vehicle recovery, along with pre-mapping of safe routes, alarms systems, access control and beyond.

“The expectations of today’s fleets are on the rise, right alongside the challenges that can thwart your operations at any time,” said Jim Zeitunian, Chief Technology Officer at Powerfleet. “Powerfleet is upping its solutions and services in tandem. Expanding our fleet intelligence platform Unity provides access to even more actionable insights to fuel the latest fleet technologies to make this a reality.”

This news follows Powerfleet’s signing of a definitive agreement to acquire Movingdots, a leading provider of insurance telematics and sustainable mobility solutions. The Safety and Security solution, combined with the power and intelligence of Movingdots’ insurance-based risk profiling and enhanced AI proposition, will provide a holistic set of solutions to keep fleets, drivers, and pedestrians safe all over the world. This enhances Powerfleet’s position as a true global leader in the space.

For more information on Powerfleet’s Safety and Security application and to sample views of the dashboard and monitoring capabilities, please visit: https://www.powerfleet.com/safety-and-security/.

ABOUT POWERFLEET
Powerfleet (Nasdaq: PWFL; TASE: PWFL) is a global leader of internet of things (IoT) software-as-a-service (SaaS) solutions that optimize the performance of mobile assets and resources to unify business operations. Our data science insights and advanced modular software solutions help drive digital transformation through our customers’ and partners’ ecosystems to help save lives, time, and money. We help connect companies, enabling customers and their customers to realize more effective strategies and results. Powerfleet’s tenured and talented team is at the heart of our approach to partnership and tangible success. The company is headquartered in Woodcliff Lake, New Jersey, with our Pointer Innovation Center (PIC) in Israel and field offices around the globe. For more information, please visit www.powerfleet.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to Powerfleet’s beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond Powerfleet’s control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for Powerfleet’s products to develop as anticipated, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in Powerfleet’s filings with the Securities and Exchange Commission, including Powerfleet’s most recent annual report on Form 10-K. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Powerfleet. Unless otherwise required by applicable law, Powerfleet assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether a result of new information, future events, or otherwise.

Powerfleet Investor Contact
Matt Glover
Gateway Group, Inc.
PWFL@gatewayir.com
(949) 574-3860

Powerfleet Media Contact
Heather Smith
hsmith@powerfleet.com
(605) 203-0605

FAQ

What is the purpose of Powerfleet's new Safety and Security application?

The Safety and Security application enhances driver management, prevents theft, and provides collision reconstruction capabilities.

What significant statistics are associated with trucking fatalities mentioned in the press release?

There has been a 29% increase in trucking fatalities over the past decade, according to the press release.

How does Powerfleet's Safety and Security application improve safety?

The application uses real-time data from IoT devices to monitor driver behavior and incidents, aiming to reduce collisions and enhance asset security.

What future developments can be expected from Powerfleet after this launch?

Powerfleet plans to introduce more modular applications throughout 2023, targeted at specific business challenges.

What was Powerfleet's recent business move mentioned in the release?

Powerfleet signed a definitive agreement to acquire Movingdots, enhancing its capabilities in insurance telematics.