Control Instruments has signed an agreement to merge its fleet management interests with Matrix Vehicle Tracking Ltd. This includes CI OmniBridge, a worldwide provider of fleet management solutions, CI OmniBridge’s U.S.-based business Tripmaster Corp. and the recently acquired Datatrak and Siemens VDO Fleet Telematics businesses in the United Kingdom. The new combined business will be listed on the JSE, subject to JSE approval.
CI OmniBridge focuses primarily on commercial vehicle fleet management and Matrix on consumer vehicle tracking and personal safety. The merged entity will enjoy a combined base of in excess of 165,000 subscribers, a global installed base of more than 450,000 vehicles and a distribution network in more than 40 countries worldwide, with offices in South Africa, the United Kingdom, Germany and the United States.
Chris Hines, chief executive officer of Grand Prairie, Texas-based Tripmaster, says the merger combines Matrix’s substantial existing annuity revenue stream and customer base with CI OmniBridge’s proven technology platform and product development capability, as well as its international distribution network and customer base. “The two businesses operate in different sectors of the fleet telematics market, which creates many synergistic opportunities and sets up the new business to focus on all levels of fleet telematics – globally,” Hines says.
“The combined business will have a critical mass, a global presence, proven technology and a large customer base,” Hines says. “Control Instruments was one of the founding partners of Matrix, and the companies know each other well. With the strong growth of both businesses over recent years, it makes absolute sense to maximize the value and potential by merging the two.”