Connect2Field acquired by UK public company Fleetmatics
Melbourne based Connect2Field has been acquired by Fleetmatics PLC.
Connect2Field was founded by CEO Steve Orenstein in 2009, who funded the development of the platform by providing web development services to small and medium businesses.
The platform provides a streamlined experience for businesses who manage field workers and can allow office workers to assign work, track the field worker, invoice and provide routing directions.
Fleetmatic is listed on the New York Stock Exchange and has a market cap of approx $1.5 billion. Terms of the deal were not announced but interestingly there was a filing with the SEC the same day the acquisition was completed representing a transfer of 10.58% of the capital of the company. The deal was announced on the 8th of August (and the SEC forms filed on the same date) but according to the quarterly financial reports was consummated on the 31st of July.
This would value the deal at $150m which at first glance seems high but not knowing the customer details of either business it is hard to say, it may be unrelated and could be associated with the planned capital raising however the timing is interesting.