Mapon, a Latvia-based fleet management solution provider, has announced AIN about the acquisition of 100% shares of Trackon Fleet Management, a fleet management company in Lithuania. The deal value was not disclosed.
About Mapon
- Co-founded by Ingus Rukis and Andris Dzudzilo, Mapon provides a fleet management and asset-tracking solution across Latvia, Spain, Estonia, Finland, Lithuania, and Denmark. Its platform includes GPS tracking, fuel control, route planning, temperature monitoring, security, tachograph data management, digital vehicle inspections, asset tracking, IoT, video telematics, and other features.
- Mapon’s turnover reached €17.3 million in 2023. According to the company, Mapon is used by over 30,000 customers on six continents. Currently, the company employs 180 people.
- In 2021, Mapon acquired the client portfolio of its Lithuanian partner TrackingMap, in June 2023, the company acquired 100% of the shares and extensive client portfolio of the Estonian company CarCops. Additionally, in March of this year, Mapon announced its fresh €3 million round in funding to accelerate its European expansion.
Acquisiton details
- Mapon expects this deal to bring their combined turnover in the Lithuanian market close to €1 million and provide services for over 40,000 vehicles. As a result of this deal, Trackon Fleet Management will become Mapon Lithuania.
We have known Trackon since 2011, as it was our very first export partner. This is not just a client portfolio acquisition deal; it is a strategic step to onboard a strong team that fully understands the neighbouring market, which will help strengthen our position in the Baltics,
Andris Dzudzilo, Mapon CEO, said.
In addition, earlier, Mapon acquired companies and opened branches in Denmark and Finland, and has a branch in Barcelona. The fresh acquisition will allow Mapon to consolidate the Lithuanian market and strengthen its position in the Baltics. Unfortunately, the amount of the acquisition was not disclosed.
