Cartrack Expands into Asia, Targeting Growing Fleet Management and Insurance Telematics Markets
Based on the growing number of vehicles and the evolving telematics market, Cartrack believes there are huge growth opportunities in the Asian market. Leveraging existing offices in Singapore as a hub, new offices opened this year in Malaysia, Indonesia, Thailand, the Philippines and Hong Kong.
Following Cartrack's first full-year results following the JSE Main Board listing, international expansion increased non-South African revenue as a percentage of total revenue from 17% in 2014 to 26% in 2015. Revenue rose 32 per cent to S$9.89 billion and headline earnings grew 16 per cent.
More than half of Cartrack's business now comes from fleet management, not theft recovery. Evert Ong, CEO of Cartrack Singapore, said: "The growth from small and medium-sized businesses and large organisations looking to optimise their fleets and workforce is considerable. ”
Overall, the global user base grew by 24% to more than 430,000 units. This increase includes a 196% increase in fleet management users and a 35% increase in theft recovery users.
In addition, Cartrack chose Singapore as its centralized location and business-friendly environment to establish a strategic hub to address the complex supply chain challenges of the Asia-Pacific region.
"At Cartrack, we focus on providing solutions that help our customers better integrate the last mile of their supply chain to meet today's complex business needs," Ong said. ”
Ong also shared the company's upcoming plans to set up a research and development (R&D) and innovation center in Singapore. He added: "It is interesting to see that Singapore is gradually rolling out various initiatives to support its vision of becoming a smart city, while we are also planning our own technology roadmap and strengthening our expertise in telematics. ”
He concluded: "There is no doubt that Singapore will be an ideal location for us to house our R&D team as we further drive innovation and find technological breakthroughs in our solution offerings. ”
About Cartrack Technologies Asia Pte Ltd
Cartrack is a leading global provider of fleet management solutions, insurance telematics and vehicle track and recovery safety and security services. Cartrack collects raw data from telematics devices installed in vehicles and converts it into intelligent management reports, enabling businesses to maximize the operational efficiency of their vehicles and human resources, resulting in significant financial savings and competitive advantage. Founded in South Africa, Cartrack designates Singapore as a global growth hub for countries outside of Africa. Cartrack Technologies Asia currently has subsidiaries in the United Kingdom, Portugal, Spain, Poland, UAE, Malaysia, Philippines, Indonesia, Thailand and Hong Kong. For more information, visit www.cartrack.com.hk/hk.