MANUFACTURERS – September 2021 – Concrete Products concreteproducts.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from concreteproducts.com Daily Mail and Mail on Sunday newspapers.
EROAD has signed an agreement to acquire Coretex
EROAD is pleased to announce that it has agreed to acquire 100% of Coretex Limited ( Coretex ), a telematics vertical specialist provider delivering enterprise grade solutions. This is a transformative move, improving EROAD s position as a vehicle telematics leader and taking a strong step toward its goal of reaching 250,000 units. We have always stated that acquisition would be part of our growth strategy to reach our medium- and long-term goals. We have been clear we would seek complementary and proven technology to augment our product range. To accelerate growth, any acquisition target needed to deliver increased capability, improved customer experiences and access to additional market verticals. In Coretex we have found a highly complementary partner which allows us to satisfy these criteria says Steven Newman, CEO of EROAD.
NZX-listed Eroad inks deal to buy Kiwi telematics company Coretex
Deal brings two New Zealand transport telematics technology leaders together.
Selwyn Pellett (Coretex and Imarda) Credit: Supplied
Auckland-based transport telematics business Eroad has entered into a conditional agreement to acquire vertical telematics specialist Coretex for $157.7 million plus a performance premium of $30.6 million.
The buyout will be partly funded by an underwritten conditional placement to raise $64.4 million and a share purchase plan to raise $16.1 million.
Coretex was co-founded by Auckland-based businessman Selwyn Pellett, who is also the company s CEO, and Dean and Craig Marris, now driving sales in North America.
It has quite a wide shareholding for a private company, with J E & A L Marris Trustees holding 15.6 per cent and Pellett holding 13.8 per cent alongside VC firm Movac, fund manager Milford and others.
EROAD to acquire Coretex, accelerating strategic plans and enabling faster growth in North America prweb.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prweb.com Daily Mail and Mail on Sunday newspapers.
13 hot tech companies sold offshore: Did NZ benefit?
13 minutes to read This month has seen two substantial technology companies sold offshore, with Auckland-based retail software firm Vend going to NYSE-listed Lightspeed for $450 million, and Christchurch geologic 3D modelling outfit Seequent acquired by Nasdaq-listed Bentley Systems for $1.45b.
Backers were quick to claim that jobs would stay in New Zealand (Vend and Seequent employ some 400 locally between them) and that investors like Movac and Punakaiki Fund (Vend) and Pencarrow (Seequent) would recycle money back into the local tech ecosystem.
A look back at 13 past high-profile tech sales (from a field of many more) reveals that sometimes that happens … and sometimes it doesn t.