SaaS provider Powerfleet concludes secondary listing on JSE
TLDR
- Powerfleet, Inc., a key player in AIoT SaaS, secures secondary listing on Johannesburg Stock Exchange
- Powerfleet finalizes business combination with MiX Telematics to expand market presence and drive innovation
- Acquisition of all MiX Telematics shares to enhance fleet management industry and create new growth prospects
Powerfleet, Inc., a prominent player in the Artificial Intelligence of Things (AIoT) Software-as-a-Service (SaaS) sector, has achieved a secondary listing on the Johannesburg Stock Exchange (JSE).
Originally listed on the Nasdaq in 1999, Powerfleet is expanding its footprint by finalizing a business combination with MiX Telematics, a renowned South African company specializing in fleet and mobile asset management solutions.
This move, executed through a scheme of arrangement under South African law, will see Powerfleet acquiring all outstanding shares of MiX Telematics. The amalgamation of their expertise and resources is expected to unlock new opportunities and drive innovation in the fleet management industry, benefiting both companies and their stakeholders.
Key Takeaways
Powerfleet's listing on the JSE adds to the exchange's roster, which now comprises 284 listings with a collective market capitalization of R17.84 trillion ($945 billion). As the business combination with MiX Telematics progresses, shareholders of MiX Telematics will exchange their shares for Powerfleet common shares. Following the completion of the transaction, the ownership structure of the combined entity will see former MiX Telematics shareholders holding approximately 65.5% of Powerfleet common shares while existing Powerfleet shareholders will retain around 34.5% of Powerfleet common shares. This redistribution reflects the mutual benefits and synergies anticipated from the merger, positioning the combined company for sustained growth and value creation.
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