EROAD has been given clearance from the Commerce Commission for the acquisition of Coretex.
It comes four months after the $188 million deal was first announced and also follows recent approval from the Overseas Investment Office. The deal is now set to be complete by December 1.
Coretex is a telematics vertical specialist delivering enterprise grade solutions with connected units in North America, Australia and New Zealand. It’s focused on growth verticals of less than a truck load (LTL), refrigerated transport, construction, waste and recycling.
The acquisition is expected to accelerate EROAD’s key growth metrics by two years enabling it to capture significant growth opportunity in North America and Australia.
It also accelerates growth by adding new strategic verticals and broadens EROAD’s product and customer base.
The deal will position EROAD to become a bigger player in the global telematics market which is estimated to grow to $750 billion by 2030.
