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ABAX acquires Fleetfinder ApS

Press Release   •   Dec 20, 2017 12:34 GMT

“I am very pleased with the completion of the acquisition by ABAX. Their technical solutions and know-how of the European and Nordic markets will provide our customer base with great market specific solutions and products. We look forward to becoming part of the ABAX Group”, says Morten Callessen, CEO of Fleetfinder ApS.

The acquisition of Fleetfinder will add approximately 7 000 subscriptions to ABAX Group’s existing portfolio and bring the total base up to 220 000 vehicles. For the Danish branch of ABAX this amounts to a nearly 100 percent increase of its current portfolio and makes ABAX a clear market leader in Denmark.

“The acquisition of Fleetfinder is an important strategic decision for ABAX that will further strengthen our market position in the Nordic region. The rapid consolidation we now see in the European markets will continue and ABAX will be at the forefront of this trend as we move forward into 2018”, says Petter Quinsgaard, CEO of ABAX Group.

Along with five employees from Fleetfinder, Morten Callessen has agreed to continue his work in ABAX. He has also chosen to reinvest in ABAX Group and will be an important part of the company moving forward. Morten Callessen brings with him more than 18 years of experience from the industry.

“It was important for us that Morten agreed to join ABAX on our journey forward. We will gain immensely from his long experience and entrepreneurship within the telematics industry and he will play an important role alongside our CEO in Denmark, Pam Singh and her team”, says Bjørn Erik Helgeland, COO of ABAX Group.

Håkon Grønn-Weiss who is responsible for the M&A processes in ABAX Group informs that the acquisition of Fleetfinder will be the 8th acquisition since 2014 and the first acquisition since the international investment company Investcorp bought ABAX in June 2017 for 1.8 Billion NOK. ABAX has furthermore chosen not to disclose the acquisition.

-Ends-

For further information:

Petter Quinsgaard, CEO, ABAX Group, +47 909 12 277, www.abax.co.uk

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