Accelerating North American Growth Underpins Merger Strategy
AUCKLAND, New Zealand – Leading fleet management technology companies, International Telematics Holdings Limited (ITHL) and Imarda Pty Ltd, have announced their intention to merge and form a new entity named ‘Coretex’. The merger agreement is subject to shareholder approval, which is expected by the end of June 2015.
ITHL with its ibright® solution and Imarda with its i360 platform are together experiencing strong growth in North America, Australia and New Zealand. This merger will create a more powerful entity designed to continue this growth and accelerate expansion in the US telematics market, which is expected to grow from 14.7 million vehicles being monitored in 2014 to 37.9 million by 2020.
Guy Colglazier, CEO of ITHL and soon to be CEO of Coretex Group said, “As a merged entity we will be well placed to accelerate growth. Each company has been targeting different industry verticals with different sales channels and we can now start cross-selling complimentary technologies into new markets and verticals immediately. The combined wealth of experience, talent, IP, customer and channel relationships, positions us well to create long term shareholder value and of course deliver even more value to our customers.”
Selwyn Pellett, Imarda’s founder and CEO, and soon to be Chair of the Coretex group said, “This merger gives greater scale to the capabilities which both companies have been working on separately. Coretex becomes the largest New Zealand owned fleet management company, with strong customer bases and revenue streams from local and international markets. 73% of our total sales come from outside of New Zealand, of which 46% is generated from North American markets."
"The Board of Coretex has aggressive growth plans of which this is the first step," said Pellett.
“Our teams are genuinely excited about this merger. We see huge innovation opportunities which will position Coretex as a market leader in this fast changing industry,” said Colglazier.