Abax has announced the acquisition of Movolytics, the Cambridge-based fleet management and tracking business, for an undisclosed sum.

It represents the business’s first acquisition in three years and is expected to grow its revenue base by 50% in what it describes as a key market.

Emma Dyga, CEO at Abax, said: “The integration of Movolytics under the Abax umbrella signifies a bold step forward in expanding our market reach within the telematics sector.

“This acquisition is in perfect harmony with our core objectives of sustained growth, continual innovation, and our pledge to deliver exceptional value to our customers.”

Erik Rehn, head of sales at Abax, says that the acquisition will ‘set the stage’ for accelerated growth and increased market penetration in the UK.

“This merger allows us to cater to a larger customer base, enhancing our ability to offer cutting-edge solutions and services across a broader spectrum,” he said.

“With the UK as a strategic focal point, we aim to not only drive development and innovation but also to redefine industry standards from the perspective of both the market and our valued customers.”

Chris Smith, CEO at Movolytics, added: “As the fleet management market continues to evolve with advances in technology and data driven insights, we have been looking for opportunities to take Movolytics to the next level and we are truly excited to have found new owners whose vision we believe in and whose customer focused ethos we share.”

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