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SOURCE Fleetmatics Group PLC
DUBLIN and BOSTON, June 4, 2014 /PRNewswire/ -- Fleetmatics Group PLC (NYSE: FLTX), a leading global provider of software-as-a-service (SaaS)-based mobile workforce solutions for service-based businesses of all sizes, today announced the acquisition of Florence, Italy-based KKT Srl, the developer of Routist, a SaaS-based, intelligent vehicle routing solution for businesses looking to optimize the utilization of their fleets and mobile resources. Price and terms of the deal have not been disclosed. Revenue contribution during 2014 is expected to be immaterial, and the transaction is expected to be $0.01 per share dilutive for second quarter non-GAAP results.
Via its sophisticated algorithms, Routist provides optimized route plans for vehicles making multiple stops during the day, and provides opportunities for companies to achieve significant cost savings by helping to reduce miles driven, fuel consumption, and vehicle maintenance costs. Routist's complex and flexible optimization engine is able to take into consideration locations, vehicles, time windows, technician skills, costs and capacities, among other inputs, while remaining simple and intuitive for customers to use.
"Our solutions already enable our customers to reduce costs significantly; we can now help them achieve even more savings through route optimization," said Peter Mitchell, CTO for Fleetmatics. "With the Routist team, we have added critical expertise in this specialized area. Combining complex optimization algorithms with an intuitive user experience isn't easy, but their team has done this superbly; adding Routist's technology to our world-class business intelligence platform just makes sense."
Fleetmatics plans to integrate the Routist solution with Fleetmatics REVEAL, a highly-differentiated, business-intelligence based fleet management solution; and Fleetmatics WORK, a powerful field service management solution for small- and mid-sized businesses. Once integrated, Routist will be offered as an add-on to the company's existing solutions.
"We are excited to have the talented team that worked on the Routist product join Fleetmatics," said Jim Travers, Fleetmatics CEO and Chairman of the Board. "Their expertise and knowledge around vehicle routing, a very complex problem that fleet owners have traditionally tried to solve manually, will help us further differentiate our solutions and provide additional value and ROI to our customers."
About Fleetmatics Group PLC
Fleetmatics Group PLC is a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS). Our solutions enable businesses to meet the challenges associated with managing local fleets, and improve the productivity of their mobile workforces, by extracting actionable business intelligence from real-time and historical vehicle and driver behavioral data.
Fleetmatics Group's intuitive, cost-effective Web-based solutions provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce, enabling them to reduce operating and capital costs, as well as increase revenue. An integrated, full-featured mobile workforce management product provides additional efficiencies related to job management by empowering the field worker and speeding the job completion process - quote through payment. As of March 31, 2014, Fleetmatics served approximately 23,000 customers, with about 472,000 vehicles worldwide.
To learn more about Fleetmatics, visit www.fleetmatics.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the expected financial impact of the Routist transaction on our second quarter results and the strategic benefits we expect from the transaction. These forward-looking statements include, but are not limited to: plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with our ability to effectively and efficiently attract, sell to and retain SMB customers; our ability to attract customers on a cost-effective basis, our dependence on various lead generation programs; our ability to retain and increase sales to our existing customers; our ability to successfully complete and integrate acquisitions (including the Routist transaction); expectations regarding the widespread adoption of fleet management solutions; our ability to expand the sales of our products to customers located outside the U.S.; our ability to continue to compete in a highly fragmented market and the risk of future competitors by way of acquisition or otherwise; keeping up with the rapid technological change required to remain competitive in our industry; and the impact of adverse economic conditions on information technology spending by SMB business, collection of our accounts receivable and other risks set forth under the caption "Risk Factors" in the Company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 17, 2014, as updated by our subsequently filed quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
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