International Telematics and Imarda form new company, get NZ$10 million backing
Two New Zealand fleet management companies, International Telematics (ITHL) and Imarda, have agreed to merge into Coretex, leveraging hardware and software systems.
“This merger creates a strong company positioned to maintain its high growth,” Coretex CEO Selwyn Pellett says.
“As a combined entity we are on track to meet our full year revenue target of NZ$30 million, which will represent year-on-year revenue growth of more than 50 per cent.”
ITHL has made a name for itself with the iBright Drive in-cab dashboard app for Android-equipped drivers, while Imarda has the i360 cloud-based platform.
“The merger brings together the Imarda and ITHL sales geographies, channels, technical capabilities and vertical markets,” Pellett says.
The new company has already received financial backing from Milford Active Growth Fund, which has invested NZ$6 million (A$5.69m) in the wake of the merger and has agreed to supply another NZ$4 million (A$ 3.79m).
“The additional capital, combined with the wealth of experience, talent, intellectual property, customer and channel relationships, will allow Coretex to continue to develop and deliver world-class fleet management solutions for our customers while creating long-term value for our shareholders,” Pellett says.
Milford, which has been involved with both organisations for over 12 months, says it welcomes the opportunity to enter the growing fleet management sphere.
“The global fleet management market is growing rapidly as transport operators seek greater efficiency, customer visibility and regulators improve compliance around food safety, driver behaviour and tax collection,” portfolio manager at Milford Asset Management Brooke Bone says.
“Coretex will have the scale, products and expertise to deliver these outcomes and win in the global market.”
Coretex has offices in the US, New Zealand, Singapore and Australia.