---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-24-012823"
form_type: "8-K"
ticker: "AIOT"
cik: "0001774170"
company_name: "Powerfleet, Inc."
filed_at: "2024-04-02T23:59:59+00:00"
generated_at: "2026-06-04T03:42:28.335015+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Powerfleet closes MiX Telematics acquisition; pro forma revenue $284M, $215M SaaS recurring

## Summary
- Combined revenue of $284M includes $215M recurring SaaS revenue; service gross margins of 65%.
- Over 1.8M subscribers and 7,500 enterprise customers; expects $25M+ EBITDA expansion within two years.
- Former MiX shareholders own ~65.5% of Powerfleet on fully diluted basis; new board includes MiX chairman Ian Jacobs.
- Virtual investor fireside chat scheduled for April 30, 2024 at 9:30 AM ET to discuss integration and outlook.

## SEC filing metadata
- accession: 0001493152-24-012823
- form_type: 8-K
- ticker: AIOT
- cik: 0001774170
- company_name: Powerfleet, Inc.
- filed_at: 2024-04-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.01, 5.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1774170/000149315224012823/0001493152-24-012823-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1774170/000149315224012823/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-24-012823
- JSON: https://secwatch.observer/filing/0001493152-24-012823.json
- Plain text: https://secwatch.observer/filing/0001493152-24-012823.txt

## Key facts
- Executive change
  Anders Bjork resigned as Director at Powerfleet, Inc..
  - Action: resigned
  - Role: Director
  source text: Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224012823/0001493152-24-012823-index.htm
- Executive change
  Medhini Srinivasan resigned as Director at Powerfleet, Inc..
  - Action: resigned
  - Role: Director
  source text: Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224012823/0001493152-24-012823-index.htm
- Executive change
  Charles Frumberg resigned as Director at Powerfleet, Inc..
  - Action: resigned
  - Role: Director
  source text: Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224012823/0001493152-24-012823-index.htm
- Executive change
  Michael Casey resigned as Director at Powerfleet, Inc..
  - Action: resigned
  - Role: Director
  source text: Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224012823/0001493152-24-012823-index.htm
- Executive change
  Elchanan Maoz resigned as Director at Powerfleet, Inc..
  - Action: resigned
  - Role: Director
  source text: Anders Bjork, Michael Casey, Charles Frumberg, Elchanan Maoz and Medhini Srinivasan resigned as directors of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224012823/0001493152-24-012823-index.htm
- Executive change
  Michael McConnell was appointed as Director at Powerfleet, Inc..
  - Action: appointed
  - Role: Director
  source text: Ian Jacobs and Michael McConnell were appointed to the board of directors of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224012823/0001493152-24-012823-index.htm
- Executive change
  Ian Jacobs was appointed as Director at Powerfleet, Inc..
  - Action: appointed
  - Role: Director
  source text: Ian Jacobs and Michael McConnell were appointed to the board of directors of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224012823/0001493152-24-012823-index.htm
- M&A Transactions
  Powerfleet, Inc. completed an acquisition involving MiX Telematics Limited for 0.12762 shares of Company Common Stock for each MiX Ordinary Share (closed 2024-04-02).
  - Action: acquisition
  - Counterparty: MiX Telematics Limited
  - Consideration: 0.12762 shares of Company Common Stock for each MiX Ordinary Share
  - Closing: 2024-04-02
  source text: ADSs”), from MiX Telematics shareholders in exchange for shares of common stock, par value $0.01 per share, of the Company (the “Company Common Stock”) at an exchange ratio of 0.12762 shares of Company Common Stock for each MiX Ordinary Share (and in the case of MiX ADSs, 3.19056 shares of Company Common Stock for each MiX ADS) (the “Scheme Consideration”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774170/000149315224012823/0001493152-24-012823-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.