Powerfleet rises on Fleet Complete deal

PowerFleet

18/09/2024 14:28

** Software-as-a-service (SaaS) provider Powerfleet  AIOT.O 
shares rise 7% to $5 in premarket trade
    ** Co to buy privately owned connected vehicle technology
firm Fleet Complete for $200 mln
    ** AIOT says combined co to generate rev of $405 mln for FY
ending Mar 31, 2025
    ** Co expects to secure additional $15 mln in EBITDA from
revenue and cost synergies within two years of close
    ** Deal expected to close on Oct. 1, 2024
    ** Eight brokerages rate the stock "buy" or higher; their
median PT is $9 - LSEG data
    ** Up to Tuesday's close, AIOT up 36% YTD

 (Reporting by Anshuman Tripathy in Bengaluru)
 ((Anshuman.Tripathy@thomsonreuters.com;))