Seeking further expansion of its Asia Pacific business from its Singapore strategic hub
Singapore, 19 December 2014 – Cartrack Holdings Limited (JSE:CTK.SJ), a leading fleet management, stolen vehicle recovery and insurance telematics group, today officially commenced trading on the Main Board of the Johannesburg Stock Exchange (JSE). This was the result of a successful fundraising through a private placement of shares, bringing Cartrack's market capitalisation to S$300 million.
Founded in 2001 and headquartered in South Africa, Cartrack has grown into an established and reliable brand in the region; Over the past decade, the company has positioned itself as a leading vehicle technology solutions group by establishing operations in 18 countries in Africa, Asia and Europe. In addition to its focus on fleet management and stolen vehicle recovery, Cartrack is one of the fastest growing companies in the world in vehicle insurance telematics and software. In 2015, Cartrack will expand into and expand into more Asian markets through excellent local engineering and service support, starting from its strategic hub in Singapore. Existing customers and potential partners will benefit from growing global awareness and demand for telematics products, as well as the continued demand for stolen vehicle recovery solutions.
"As Asia's key markets continue to grow, it is important to provide our partners with the most suitable and most effective business solutions. We believe it's time to move on to our next phase of growth – by elevating Cartrack's position and brand as it enters new markets. Cartrack Singapore CEO Evert Ong said of the group's recent listing.
Ong then explained that the company's successful international expansion was the result of a well-defined and proven expansion model: "Cartrack's research and development were key differentiators in our ability to expand globally. Doing it in-house, this means we are always one step ahead and can quickly adapt to market needs as needed. ”
To date, Cartrack has a subscriber base of more than 415,000 users and an audited 94% success rate for stolen vehicle recovery, even in markets with high crime rates. Cartrack is currently offering its customers an industry-first cashback recovery warranty in Africa to demonstrate its confidence in the capabilities of a technology platform that combines fleet management and stolen vehicle recovery capabilities.
"Our leading technology, experienced leadership team and highly qualified people combine to be key to our competitive advantage. I firmly believe that we have the skills and passion to continue to deliver strong results as a public company, especially with the support of our local hubs. Ong added.
With increased manufacturing production and sales, coupled with increasing awareness of telematics in the industry, efficient fleet management, insurance telematics and vehicle recovery solutions are indispensable for businesses engaged in logistics, building and construction, retail, and vehicle maintenance. With Cartrack, partners can be confident that they are equipped with reliable, trustworthy telematics measurement solutions, a key element in ensuring efficiency.