RSM has advised the shareholders of Ipswich-based Seven Telematics on the sale of the business to Northampton-based Connexas Group, a leading provider of technology-enabled, fleet management and mobile worker solutions.
Seven Telematics’ innovative temperature data logger, Transcan Advance, has established itself as a technology leader in the cold chain market and the business has a strong track record in both product innovation and customer service.
The acquisition will enable customers from across the Connexas Group to benefit from new levels of product functionality and complementary service offerings.
Jim Sumner, Chairman of Connexas Group, said:
'Seven Telematics is the market leader in cold chain telematics achieving 20 per cent CAGR in the past four years and has strong export sales at over 30 per cent of total revenue.
'Our businesses are a perfect fit for each other, and more importantly, for our customers who are looking for the best of available technologies on a single platform. This move not only increases our technology and connection base, it also offers significant growth potential and builds on our European footprint.'
Andrew Overton, CEO of Connexas Group, added:
'This acquisition brings us a step nearer to creating a one-stop, market-leading technology platform, which is a clear differentiator for our business in a high-growth market. This progress is reflected in our year-on-year revenue growth rate, which is now running at 14 per cent organically. This is also complemented by our sales pipeline which has more than doubled in the past 18 months.'
'It was a pleasure to work with the shareholders and management of Seven on this Deal. The business is well placed to continue its growth under the Connexas umbrella.'