24/7 Market News Snapshot 18 September, 2024 – PowerFleet, Inc. Common Stock (NASDAQ:AIOT)

September 18, 2024

DENVER, Colo., 18 September, 2024 (247marketnews.com) – (NASDAQ:AIOT) are discussed in this article.
PowerFleet, Inc. (AIOT) is experiencing a notable rise in its stock price, currently trading at $5.455 after opening at $5.02, indicating a robust gain of 17.06% from the previous close of $4.660. This surge has been accompanied by a trading volume of 1.04 million shares, suggesting heightened investor activity and positive market sentiment, potentially spurred by favorable news or investor speculation. Analysts are closely observing the stock’s technical indicators and key resistance levels to gauge the sustainability of this upward trend.

In a significant strategic move, PowerFleet has announced the acquisition of Fleet Complete, a leader in connected vehicle technology and fleet management services. This transaction, valued at approximately $200 million, is expected to bolster PowerFleet’s position in the AIoT market and enhance its competitive edge. The merger is projected to generate combined revenues exceeding $400 million, leveraging Fleet Complete’s established resources to solidify PowerFleet’s North American presence and expand its market reach in Europe and Australia.

Post-acquisition, the united entity will comprise over 2.6 million subscribers and around 2,500 dedicated employees across six continents. PowerFleet anticipates the merger will facilitate approximately $300+ million in recurrent high-margin SaaS revenue and unlock significant cross-selling opportunities through robust distribution partnerships.

Leaders from both PowerFleet and Fleet Complete have expressed enthusiasm regarding the merger’s potential to enhance revenue quality and operational presence. Scheduled to close on October 1, 2024, this acquisition marks a transformative milestone for PowerFleet, positioning it to achieve a target of over 20% organic revenue growth and a “Rule of 40” performance standard. The management team is set to engage with analysts and investors in a joint Q&A session to discuss the implications of this pivotal development for shareholder value and customer service.

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