RMB supports Powerfleet’s USD200mn acquisition of Fleet Complete

Media Release

24 October 2024

RMB acts as lead arranger and sole funder of Powerfleet’s USD200 million acquisition finance package 

In one of the largest technology cross border deals done in the telematics and technology space, Powerfleet Inc, a listed, global telematics business, announced its strategic acquisition of Fleet Complete for USD200m. The acquisition will contribute to Powerfleet’s ambitions to create a leading global Internet of Things (IoT) software-as-a-service (SaaS) organisation. The Fleet Complete acquisition will strengthen Powerfleet’s North American presence and drive top-line growth in Europe and Australia, and extend it go-to-market strategy through indirect channels. The combined entity will boast 2.6 million subscribers across six continents, with a combined revenue of USD400m, with 75% of this being recurring SaaS revenue. 

Blessings Magagane, Debt Financing Solutions: Client Group Lead (TMT & Retail) of RMB says, “RMB acted as the Sole Mandated Lead Arranger and Funder of a USD125m acquisition finance package to Powerfleet to assist in their purchase of Fleet Complete. As the trusted banking partner to Powerfleet, we were able to pull together an innovative funding and advisory solution in a short time frame that met all the client’s needs.” The acquisition follows a recent merger between Powerfleet and Mix Telematics in April 2024, of which RMB was the sole funder.

David Wilson, Chief Financial Officer of Powerfleet says, “We were impressed by the RMB deal team’s quick response to our needs, particularly in terms of providing an innovative and efficient funding solution. This was critical in securing the asset during a highly competitive sales process. Providing certainty of funding was critical in unlocking the transaction for Powerfleet.”

RMB acted from a deep understanding of Powerfleet’s business strategy, including their long-term vision of becoming a global IoT platform servicing the needs of a diverse client base. We structured the facilities to enable this strategy, while unlocking the value and synergies within the group and from the recent acquisitions. This resulted in an optimal capital structure that will set the foundation for future growth.

RMB was able to move quickly and adjust our processes to accommodate client requirements. We were able to get up to speed with the North American industry dynamics through a comprehensive due diligence process. We fully understood the role we needed to play with Powerfleet, the target company and its shareholders. As a result, we were able to complete the funding transaction within a short space of time.

“Our involvement in this transaction further entrenched RMB as the banking partner of choice to Powerfleet and continues our status as the largest lender and primary banker to the group. This transaction is part of a greater vision that RMB has for the Technology, Media and Telecommunications (TMT) sector. As a bank, we are proud to back clients who are market leaders providing solutions that enhance connectivity and digitisation in Africa. We believe that Powerfleet will be a structural winner in the IoT space given its unique software platform, product offering and international presence,” says Magagane.

“We look forward to continuing our successful banking relationship with RMB, and benefitting from their strategic financial counsel as we continue the growth path of our business,” concludes Wilson.

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