The company made about SEK 600M ($60M) in 2019 and is owned by Investcorp, a Bahrain-based private equity investment firm which acquired it in 2017. The company offers fleet tracking, logging, fleet management and activity tracking services to small and medium-sized businesses based in Sweden, Norway, the rest of Europe and the USA and which generated sales of about SEK 200M ($20M) in 2019.Īutomile raised almost $50M in capital investment from investors including Insight Ventures, Dawn Capital, Point Nine Capital and Salesforce Ventures.Ībax, led by CEO Morten Strand, is one of Europe's fastest growing companies in the telematics industry, and a major player in the sale and development of electronic driving books for vocational and private cars. The acquisition is expected to be completed by the end of October 2020.Īutomile, founded in 2013 by Jens Nylander (CEO), Hervé Soursou, Jacob Pontén and Felix Rosén, developed a mobile-first, design-first fleet and field service management solution in use by over 10,000 companies and 87,000 subscribers. The two parties will form a leading Nordic SaaS company providing telematics and IoT services with over 350,000 subscriptions in Europe and the USA. The financial details of the transaction remained undisclosed. “I am old enough to say this is the company I want to list myself,” he says.Abax, an Oslo, Norway-based developer of vehicle monitoring software, announced that it entered into an agreement for acquiring the Swedish provider of telematics and IoT solutions Automile. With Automile, Nylander believes he's got a chance to outstrip both of those if he can meet his own targets like next year's plan to reach $17 million in annualized recurring revenue. Located on Arlington Road in Green, just off of I-77 (Exit 120), the Green Auto Mile offers 14 car brands across 7 dealerships. By that time Nylander was long gone JAYS never became the type of breakout success that has resonated with consumers for years since. Ron Marhofer Fred Martin Nissan Serra Auto Park Toth Buick GMC Infiniti of Akron Kempthorn Motors Your Green Light The Green Auto Mile is your car-buying destination. His second company, a high-end headset and headphone maker called JAYS, he handed off to other management before they took it public in Sweden. The eventual goal this time around is different, too. The new funding brings Automile’s total raised to date to $47 million, with investors SaaStr Fund, Point Nine Capital, Dawn Capital and Salesforce Ventures are returning in the round. spans 300,000 alone. But he has a lot more help this time from venture capitalists who like the predictability of Nylander's contracts, too. Perhaps there are designated areas that drivers are. The market of businesses with between one and 10 vehicles, the entrepreneur says, in the U.S. Automiles GPS fleet tracking technology also makes it possible to set-up geofences and geofencing alerts. With relatively small customers compared to competitors like Fleetmatics, Nylander will need to maintain his growth rate across many more thousands of small customers if that’s to become a reality. And it’s a fast growing company in a wide open market that’s seen the older leader, Fleetmatics, get gobbled up for $2.4 billion. It’s already got four offices, three in Europe including an engineering team in Nylander’s native Sweden. Automile works with 7,000 paid customers today who have it on pace to make recurring revenue of $6 million this year, growing between 8% and 10% each month. The contracts are relatively small and the customers lacking the viral potential of young music fans, but what Nylander has now is a steadily growing business. The typical company has eight cars connected by Automile, paying between $15 and $25 for each one per month. The startup he launched, Automile, sells to customers like plumbers and construction firms, who pay to install a piece of hardware in their vehicles and then track their movements and status through an app. Boch Dealerships are Certified Sales-Service-Parts Dealers for New Toyota. Nylander had looked at connected health ideas before settling on fleet vehicle management software as an area that would combine his electronics expertise with the revenue model of software-as-a-service. Boch runs dealerships in New England that serve New and Used automotive shoppers in Boston, Norwood, Westwood, Attleboro, North Attleboro, Foxboro, Dedham, Needham, Newton, Worcester, Wellesley, Concord, Providence, and surrounding areas in New England.
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