Powerfleet, MiX Telematics approved for business combination

Powerfleet, MiX Telematics approved for business combination

The combination is expected to be complete in the first week of April, after which the businesses will be branded as Powerfleet.

Powerfleet, Inc. and MiX Telematics have received shareholder approval on the proposals related to the previously announced business combination between the parties. Powerfleet says that the transaction is expected to close the first week of April, subject to the satisfaction of remaining customary conditions. Upon closing, the combined business will be branded as Powerfleet.

“With the continued support from our shareholders, we are thrilled to announce their approval of our transformative combination with MiX,” said Steve Towe, Powerfleet’s chief executive officer, who will continue in that role for the combined Powerfleet company. “We expect the business combination will establish Powerfleet as a top-tier, global AIoT SaaS company, paving the way for accelerated growth in recurring revenues, expanded profitability, and enhanced investor value creation opportunities.”

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