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Cartrack sees Singapore as platform for global growth

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Cartrack sees strong SME take up across Asia, with many smaller organizations in Singapore benefitting from local government IT grants. The company also set up control centre in Johor to offer stronger on-the-road support to customers’ fleets plying between Kuala Lumpur and here.

Singapore, 18 November 2015 – Cartrack, the leading provider of fleet management solutions, insurance telematics and vehicle tracking and recovery, today announced that it has registered strong performance in the first six months of its financial year. The company also shared its plan to tap on Singapore as its launch pad for global growth.

Globally, Cartrack’s revenue over the six month period from March to August 2015 was SGD47 million, with EBITDA at SGD21 million. This was an increase of 18 percent compared to the same period last year. Earnings per share also increased by 16 percent.

As at 31 August 2015, Cartrack has 463,000 paying subscribers worldwide. The company projects that this number will grow to 500,000 by end of this year.

Cartrack attributes the strong performance to the growth in number of vehicles and the current focus on resource optimisation, road safety and vehicle pollution management among governments and corporate entities. Another contributing factor is that Cartrack has been investing in building up on awareness of its brand, and strengthening its channel network across Asia Pacific, Europe and the Middle East.

Furthermore, Cartrack has benefitted from a strong take up of its fleet management solutions among small and medium sized enterprise (SME) customers. In Singapore, for instance, many SMEs have adopted Cartrack solutions tapping on grants from the Singapore Government that are designed to encourage the deployment of IT solutions to boost productivity and growth.

“At Cartrack, we are focused on providing solutions that help our customers better integrate their supply chain last miles to supplement today’s complex requirements,” commented Ken Yap, Technical Director at Cartrack Singapore.

“It is interesting to see initiatives gradually being rolled out to bolster Singapore’s vision of becoming a smart nation even as we plan our own technology roadmap and strengthen our expertise. There is no doubt that Singapore will be the ideal location for us to incubate our technology roadmap, as we further drive innovation and find technological breakthroughs in our solution offerings,” Ken added.

The past six months also saw Cartrack set up a control centre in Johor, Malaysia, a geographically strategic location between the two major cities of Kuala Lumpur and Singapore. The move allows Cartrack to rapidly access and provide support to customers on the road, and deploy a quick response recovery team in the event of a reported vehicle theft.

Cartrack is a global leader and highly respected company in the area of fleet management and vehicle tracking. More than 84 percent of its revenue is derived from subscription premiums. This allows the company to have a strong visibility on projected earnings.

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About Cartrack Technologies Asia Pte Ltd

Cartrack is a leading global provider of fleet management solutions, insurance telematics and vehicle tracking and recovery as a safety and security service. Cartrack collects raw data from telematics devices installed in vehicles transforming it into intelligent management reports, allowing business to maximise operational efficiencies of their vehicles and human resources, leading to significant financial savings and competitive advantages. Founded in South Africa, Cartrack designated Singapore as their global growth hub for countries outside Africa. Cartrack Technologies Asia currently has subsidiaries in Portugal, Spain, Poland, UAE, Malaysia, Philippines, Indonesia, Thailand and Hong Kong. For more information, please visit www.cartrack.sg.