EROAD to acquire Coretex to accelerate key growth strategies
Posted: 16-Jul-2021 |
EROAD has announced that they have entered into a conditional agreement to acquire 100% of Coretex Limited, a telematics supplier focused on specialist verticals and delivering enterprise grade solutions.
‘It operates in the same geographical markets we do: North America, Australia and New Zealand. Like EROAD, it is also a New Zealand headquartered technology company.
The agreement is subject to conditions, including clearance by New Zealand’s Commerce Commission and EROAD shareholder approval.
‘We are hopeful we will have a decision on the approval status by the end of September 2021, but completion may not occur immediately.’
EROAD says that This transformative move will help EROAD take a strong step toward reaching its goal of 250,000 units. Once the acquisition is complete, it will accelerate EROAD’s key growth metrics by two years in North America and Australia, and position the combined business as a bigger player in the global telematics market.