Canada’s Element Fleet Management, the world’s largest publicly traded vehicle fleet manager, is buying Israeli Autofleet. Deal value: $110 million. Element’s Toronto Stock Exchange market valuation is over $7 billion.
KeyFrame Capital, Fujitsu Ventures, Goodyear Tire & Rubber Company, Mizmaa Ventures, Maniv Mobility, and Next Gear Ventures have invested $28 million in Autofleet.
CEO Kobi Eisenberg and CTO Dor Shay, both former Gett employees, created Autofleet in 2018. There are presently 70 employees at the startup.
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Following the acquisition, Autofleet will carry on operating on its own and developing its platform for fleet and mobility operator optimisation.
“This partnership represents a powerful alignment of two companies with shared aspirations and cultures, and enables us to leverage Element’s commercial organization and leadership to accelerate new growth areas for the business,” stated Kobi Eisenberg, CEO of Autofleet.
Its AI-driven platform optimises efficiency and customer experience by automating and streamlining processes across sectors. With a turn-key solution that serves more than 20 countries on 5 continents, Autofleet assists companies in launching, managing, and growing sustainable fleet operations worldwide.
“Having previously worked with Autofleet and witnessed the common culture, commitment to clients, and focus on delivering impactful results that our two companies share, we are thrilled to welcome them to the Element organization as an integral part of our business,” commented Laura Dottori-Attanasio, President and CEO for Element. “We are confident their expertise will enable us to fast-track the modernization of our digital capabilities, enhance our ability to scale our core business more quickly, and ultimately deliver increased value to our clients and shareholders. Together, we will move the world through intelligent mobility.”
About Autofleet
Autofleet is the full solution for fleets and mobility providers to optimise operations and offer on-demand passenger and cargo services. Autofleet’s platform helps fleet operators maximise utilisation, income, and develop new mobility services while reducing downtime.
About Element Fleet Management
Element Fleet Management, aims to move the globe through intelligent mobility. They offer a superior client experience, personalised mobility solutions, and deep and extensive expertise to help clients accomplish amazing results.
