The transaction was funded through equity investment from the management teams at Fleet Complete and ITmobile as well as Madison Dearborn Partners (MDP), a private equity firm that purchased majority control of Fleet Complete in 2014.
Founded in 2000 by Harald Treur, President, ITmobile provides nearly 1,000 customers primarily in the Benelux region, with fleet, asset and mobile worker technology to optimize productivity, safety and compliance.
The acquisition will allow Fleet Complete to expand in Combined, Fleet Complete and ITmobile have over 230 employees, 7,000 customers and more than 140,000 subscribers across 5 countries.
Led by Tony Lourakis, CEO, Fleet Complete is a global provider of mission-critical fleet, asset and mobile workforce management solutions to over 6,000 customers worldwide. The platform enables clients to monitor the real-time locations of their fleets, mobile workers and valuable assets and to capture important data that can contribute to their operating success.