Powerfleet to acquire Fleet Complete for $200M; expects combined revenue >$400M

Powerfleet, Inc.

Total purchase price $200M; $125M senior debt, $70M PIPE at $3.50/share, $15M stock to OTPP.
Combined pro forma revenue ~$405M ($300M+ recurring SaaS) and adjusted EBITDA $85M for FY ending Mar 31, 2025.
Transaction valued at 8x pre-synergy and 5x post-synergy EBITDA; expected to close Oct 1, 2024.
Fleet Complete adds 600k Unity subscribers; combined total 2.6M subscribers across 6 continents.
Expects ~$15M in revenue and cost synergies within two years of close.

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