Trakm8, the Dorset-based designer and developer of GPRS-based technology for the vehicle placement and security market, has acquired Birmingham-based Box Telematics Ltd with financial support from Clydesdale Bank.

Clydesdale Bank has provided a new £2.5m debt facility which will support the £3.5m purchase of West Midlands-based Box.

The funding arrangement was conducted by Antony Bryant, corporate banking director for Clydesdale Bank in the South West.

Founded in 2002, AIM-listed Trakm8 is based in Shaftesbury, Dorset, and provides fleet management, vehicle monitoring and tracking services to allow organisations to manage deliveries and on-road services. The technology also allows stolen vehicles and plant equipment to be tracked. In the past 10 years Trakm8 has sold more than 175,000 units worldwide.

The acquisition is part of Trakm8’s growth strategy and will provide the company with a new range of customers and existing products, as well as Box’s manufacturing capabilities, which Trakm8 currently outsources.

Before the acquisition, Trakm8 employed more than 60 people. With the acquisition, this will grow to more than 140.

John Watkins, CEO of Trakm8, said the acquisition of Box Telematics was a further sign of the company’s growth and potential.

John said: “We are delighted to have secured this strong backing from Clydesdale Bank, enabling us to complete this transformational transaction. Box Telematics extends our client base, strengthens our IP ownership model and adds manufacturing capabilities. We look forwarded to delivering superior service for our enlarged customer base and reinforcing our position in the telematics market.”

Brian Colquhoun, regional director at Clydesdale Bank, said: “Since the company was formed more than 10 years ago, Trakm8 has proven itself as an innovator in a competitive global marketplace. It developed the world’s first GPRS-based GPS tracking system and has since gone on to work with some of the world’s largest organisations.

“This acquisition, supported by our funding, is an illustration of the company’s strength and reputation and provides it with the opportunity to further develop its pioneering technology, target new markets and provide new employment.”

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