- The deal deepens Isotrak’s service offering and expands the company’s market reach
- The combined business will serve over 500 customers globally
Lyceum-backed Isotrak, a global provider of telematics and fleet management systems for commercial vehicle operators, has today announced the acquisition of leading UK fleet management technology business VeriLocation.
UK-based VeriLocation has established itself as a technology leader in the commercial vehicle telematics market, focused on both product innovation and customer service. The synergy created by the deal will enable customers of both businesses to benefit from additional system functionality and a broader product range. In addition, clients now have the choice from a full range of fleet management products, that will meet the requirements of all types and sizes of commercial vehicle operators.
The combined services will reinforce Isotrak’s position as a market leader with best in class products and solutions, ideally positioning the company to offer valuable data analytics, as well as capitalise on global innovation themes such as alternatively fuelled vehicles.
Recently appointed chairman Jim Sumner will be supported by a strengthened and wider management team. The combined business will benefit from a significantly larger end market, high organic growth rates and offer a suite of market leading technology, based around a single instance cloud solution. The deal will create a business serving over 500 customers globally across the fleet and telematics industries.
Lyceum Capital’s Dan Adler, a non-executive director for Isotrak, said: “We acquired Isotrak in 2013 with a vision to build the vehicle tracking and fleet management software group of choice for transport operators, providing business-critical information and service. The add-on acquisition of VeriLocation allows both companies to expand the functionality of their offerings, bringing the best of each business to help drive customers’ success. Combined with the investment in its own product and operations in recent years, the enlarged Isotrak group is set to lead innovation, functionality and customer focus in the dynamic telematics space.”
“VeriLocation has delivered tremendous growth and value to its customers thanks to its technical excellence and emphasis on market-leading customer service,” commented Jim Sumner, Chairman of Isotrak. “The businesses are a perfect fit for each other and will give our combined customers the best available technologies on a single platform.”
“We were impressed by the Isotrak leadership team,” commented Andrew Overton, CEO of VeriLocation. “We share a common set of values, particularly our belief that superb customer focus and a highly ethical approach to business are key to success. We look forward to combining forces with Isotrak.”