Fleet management provider Fleetmatics has announced last week the acquisition of Visirun S.p.A., a SaaS-based provider of fleet management solutions headquartered in Ferrara, Italy.
Visirun will add approximately 28,000 vehicles under subscription to Fleetmatics’ existing installed base and add an additional 3,000 customers.
According to market research firm Berg Insight, Italy is the third largest telematics market in Western Europe with nearly 5 million commercial vehicles. Berg Insight estimates that approximately 5% of the commercial vehicles in Italy use a telematics solution today.
This acquisition was announced as the company released their financial earnings for the third quarter of 2015, disclosing a revenue of $73.5 million, up 22% year-over-year, as active vehicles under subscription reached 655,000, up 25% year-over-year.
The Adjusted EBITDA was $24.8 million, or 33.7% of total revenue and the company generated $30.1 million in cash flow from operations.