SINGAPORE, 19 December 2014 -- Cartrack Holdings Limited (JSE: CTK.SJ), a leading Fleet Management, Stolen Vehicle Recovery and Insurance Telematics group, officially began trading on the Main Board of the Johannesburg Stock Exchange (JSE) today. This follows a successful capital raising through a private placement of shares, taking Cartrack to market at a value of $300 million Singapore dollars.
Founded in 2001 in South Africa, Cartrack has grown to become an established and trusted name in a number of regions; over the past decade, the company has positioned itself as a leading vehicle technologies solutions group by building its presence in 18 countries across Africa, Asia and Europe. Besides specializing in fleet management and stolen vehicle recovery, Cartrack is also one of the fastest growing companies globally in the vehicle insurance telematics and software sector. In 2015, from its strategically located hub in Singapore, Cartrack will venture and expand its operations into more Asian markets through excellent local engineer and service support. Existing clients and prospective partners will benefit from growing awareness and demand for telematics products globally, as well as sustained demand for its stolen vehicle recovery solution.
“With continued growth in key Asian markets, it is important to advise our partners on the best and most efficient solutions for their businesses. We believe it is now time to enter the next phase of our evolution - by enhancing Cartrack´s stature and brand as we enter new markets”, said Cartrack Singapore’s Chief Executive Officer Evert Ong in relation to the group’s recent listing.
Ong then explains that the company’s successful international expansion is the result of a well-defined and tested expansion model: “Cartrack’s research and development is a key differentiator that allows us to have enjoyed successful global expansion. Performed in-house, this means that we are one step ahead and can rapidly adapt to market requirements as necessary.”
To date, Cartrack boasts a subscriber base in excess of 415 000 units and an audited stolen vehicle recovery success rate of 94%, even in markets with high crime rates. A first in the industry in Africa, Cartrack currently offers a cash back recovery warranty to its customers in the event of non-recovery of their stolen vehicles, demonstrating its confidence in the functioning of its technology platforms, which incorporates an integrated fleet management and stolen vehicle recovery offering.
“Our leading technology, highly experienced leadership team, and top calibre talent come together to become a key feature of our competitive attractiveness. I am confident that we have the skills and passion to continue achieving strong results as a listed company, especially through our local hub.” Ong adds.
Increased manufacturing volumes and sales, along with heightened awareness of telematics in the industry, make efficient fleet management, insurance telematics and vehicle recovery solutions indispensable for businesses dealing with logistics, building and construction, retail and automotive maintenance. With Cartrack, partners can be confident that they are equipped with a reliable, trusted solution for telematics measurement - a key component to ensuring efficiency.
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About Cartrack Technologies Asia Pte Ltd
Cartrack is a leading global provider of fleet management solutions, insurance telematics and vehicle tracking and recovery as a safety and security services. 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.
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