Fleet management technology companies International Telematics Holdings Limited (ITHL) and Imarda Pty Ltd have formally merged to form Coretex Ltd.
The merger creates a stronger business with greater industry capabilities, funding for US market growth and a product portfolio that will deliver more value to customers and channel partners. It is underpinned by stronger technology development platforms and a more efficient cost base.
Milford Active Growth Fund (a New Zealand investment firm) has invested US $4 million in Coretex and will invest up to a total of US $6.5 million.
Selwyn Pellett, chief executive officer of Coretex (previously Imarda’s founder and CEO), said both companies have been experiencing strong growth in North America, Australia, and New Zealand, with a number of recent strategic wins. Pellett said the investment by the Milford Active Growth Fund will help Coretex quickly scale to take advantage of market opportunities.
“This merger creates a strong company positioned to maintain its high growth. As a combined entity we are on track to meet our full-year revenue target, which will represent year-on-year revenue growth of more than 50%,” he said.
“The additional capital, combined with the wealth of experience, talent, intellectual property, customer and channel relationships, will allow Coretex to continue to develop and deliver world-class fleet management solutions for our customers while creating long-term value for our shareholders.”
The Milford Active Growth Fund has been working with both organizations for more than a year and is delighted to support Coretex to accelerate its US growth.
Pellett said Coretex has flagship customers in North America, Australia, and New Zealand and is experiencing strong commercial growth in its core industry verticals.
“Forty-five percent of Coretex’s sales are generated in North American markets; the merger and capital investment positions us well to leverage market trends and continue to deliver value to our customers,” he said.