Connexas Group acquired by AddSecure
Connected vehicle technology specialist Connexas has been acquired by the AddSecure Group, a leading European provider of premium solutions for secure data and critical communications.
Connexas provides smart transport solutions throughout the UK, EU, North America and Australia, including through last year’s acquisition of Seven Telematics. Its technology solutions span full journey and delivery management, high-definition camera systems and driving performance applications.
The deal, details of which have not been disclosed, will enable AddSecure Group to establish a presence for transport and logistics, in the strategically important UK market, while further realising its strategy of becoming a leading provider of fleet and transport management solutions.
Through the acquisition, AddSecure will see annual revenues increase by €25m (£22.4m)to over €145m (£130m). The deal will also add over 100,000 billable connections, taking AddSecure to a total of more than two million connected units in Europe across all verticals.
Stefan Albertsson, CEO of AddSecure, commented: “This move not only increases our technology and connection base, but it also offers significant growth potential, builds on our European footprint and will add further to the financial strength and performance of our company.”
Andrew Overton, CEO of Connexas, added: “We were immediately impressed with the Addsecure management team on first meeting them, and knew from the outset they were the right partner in terms of culture, vision and technological synergy. I am quite sure the new combined business will go from strength to strength and will also create a significant opportunity for the customers who benefit from the smart, safe logistics solutions we provide.”