Quartix Technologies (QTX) , a supplier of subscription-based vehicle tracking systems, analytical software and services, has acquired Konetik Deutschland GmbH, the owner and developer of the software utilised in Quartix's EVolve electric vehicle product.
The total payment is €3.9m (c.£3.4m), all in cash, with an initial €2.5m (c.£2.2m) due upon completion. An additional €1.4m (c.£1.2m) may be paid based on EVolve subscriptions over the next 24 months, in installments every 6 months.
This payment will be covered by existing cash reserves, potentially reducing the FY23 supplemental dividend to shareholders, while the ordinary dividend and dividend policy remain unchanged.
Richard Lilwall, CEO of Quartix said: " We are incredibly pleased to have acquired the underlying technology to EVolve, a SaaS product which provides the business with additional recurring revenue and enables our customer base to make the necessary transition towards more sustainable fleet operations. The acquisition will allow us to bring our excellent relationship with Konetik in house, enabling increased efficiencies in developing the product going forward as more operators address the challenges and opportunities of electrifying their fleets."
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Quartix offers tracking and data analytics solutions for commercial vehicle fleets which help boost efficiency and reduce costs by monitoring and reporting vehicle information. Quartix has over 20,000 fleet customers globally.
As tracking technology has advanced, the functionality of vehicle tracking systems has increased making them more attractive and cost effective for end use customers. Consequently, the addressable markets in both the commercial fleet and telematics-based insurance sectors are anticipated to grow substantially over the medium term. The global fleet management software market is projected to grow from $23.67 billion in 2023 to $79.82 billion by 2030, at a CAGR of 19% in forecast period.
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