Cartrack, a South African new player in the vehicle tracking industry is actively pursuing global opportunities, is targeting growth prospects in the United States. By Gugu Lourie
Cartrack provides services related to stolen vehicle recovery, fleet management and insurance telematics through Software as a Service (Saas).
The company has more than 430 000 units installed in cars globally, after recording 24% growth in its maiden results.
Its technology solutions have so far helped to recover stolen vehicles in South Africa valued at R450m.
“The board of directors of the company is pleased to announce that the company is planning to launch a start-up operation in Orlando, USA by the end of this calendar year,” the firm informed investors on Friday.
The company competes with JSE-listed Digicore, which was recently acquired by US-based technology firm Novatel for R1.1bn.
Cartrack seems to be following DigiCore’s footsteps by creating more value for its shareholders, which includes Onecell Holdings and LMA Madeira.
The company has recently been awarded a prisoner tracking tender in Singapore.
This development reflects Cartrack’s flexibility and scalability of its technology platform as well as the innovative capabilities of its in-house agile engineers.
Cartrack is a company to watch closely in this competitive industry. If all goes well it could grow into a bigger global player as it continues to generate strong cash flows and deliver good dividends to its shareholders.