Strong demand in fleet management and stolen vehicle recovery services has driven Cartrack’s expansion into Hong Kong, Indonesia, Malaysia, Philippines and Thailand.
Singapore, 18 June 2015 – Cartrack, the leading provider of fleet management solutions, insurance telematics and vehicle tracking and recovery announced today its further expansion into Asia, propelled by strong financial results in 2015.
Based on the growing number of vehicles and the developing telematics market, Cartrack believes that there are significant opportunities for growth in Asia. Using the already well-established office in Singapore as a hub, new offices in Malaysia, Indonesia, Thailand, Philippines and Hong Kong were opened this year.
International expansion increased the percentage of non-South African revenue from 17 percent in 2014 to 26 percent in 2015, following the release of Cartrack’s maiden full-year results since it listed on the JSE main board. Headline earnings increased by 16 percent on the back of a 32 percent growth in revenue to SGD98.9 million.
More than half of Cartrack’s business now comes from fleet management, as opposed to stolen vehicle recovery. Evert Ong, CEO of Cartrack Singapore said: “There is considerable growth coming from small medium sized businesses and large organizations looking to optimise their fleet and workforce.”
Overall, global subscriber base grew by 24 percent to more than 430,000 units. This growth comprised of a 196 percent increase in fleet management subscribers and a 35 percent increase in stolen vehicle recovery subscribers.
Additionally, Cartrack has selected Singapore for its centralized location and pro-business environment to set up a strategic hub for tackling the complex supply chain challenges in the Asia Pacific region.
“At Cartrack, we are focused on providing solutions that help our customers better integrate their supply chain last miles to supplement today’s complex requirements,” commented Ong.
Ong also shared forthcoming plans for the Company to set up a Research, Development (R&D) and Innovation centre in Singapore. He added: “It is interesting to see initiatives gradually being rolled out to bolster Singapore’s vision of becoming a smart nation even as we plan our own technology roadmap and strengthen our expertise in telematics.”
“There is no doubt that Singapore will be the ideal location for us to house our R&D team as we further drive innovation and find technological breakthroughs in our solution offerings,” he concluded.
Cartrack is a leading global provider of fleet management solutions, insurance telematics and vehicle tracking and recovery as a safety and security service. Cartrack collects raw data from telematics devices installed in vehicles transforming it into intelligent management reports, allowing business to maximise operational efficiencies of their vehicles and human resources, leading to significant financial savings and competitive advantages. Founded in South Africa, Cartrack designated Singapore as their global growth hub for countries outside Africa. Cartrack Technologies Asia currently has subsidiaries in the UK, Portugal, Spain, Poland, UAE, Malaysia, Philippines, Indonesia, Thailand and Hong Kong. For more information, please visit www.cartrack.com.hk/en.