Latvian provider of fleet management services, Mapon, has announced its expansion to Lithuania by acquiring Trackon, a local fleet management company. The amount of the deal remains undisclosed.
- Mapon was founded in 2006 by Ingus Rukis and Andris Dzudzilo. Both platforms, Mapon and Trackon, offer asset tracking and fleet management services. Mapon operates right now in Latvia, Spain, Estonia, Finland, Lithuania, and Denmark. GPS tracking, fuel control, route planning, temperature monitoring, security, asset tracking, digital vehicle inspections, IoT, video telematics, and other functions are all included in its platform.
- This acquisition is a part of Mapon’s strategy of expanding in Europe. Thus, last month, the startup raised €3 million for that purpose.
“We started our partnership in 2011, and now we have come full circle. This is our first acquisition since raising three million euros, and it is a significant step towards establishing Mapon as the leading fleet management company in the Baltics,” said Andris Dzudzilo, CEO of Mapon.
- The acquisition is planned to support Mapon in establishing itself as one of the leaders in the Baltics. As for Trackon, it will raise its serviced fleet to more than 40,000 vehicles and a nearly €1 million increase in turnover in the Lithuanian market, as Fleet Europe reports.
