Quartix Technologies, a publically-listed provider of subscription-based fleet tracking technology, has completed the acquisition of Konetik Deutschland GmbH, an e-mobility management solutions business, for €3.9 million.
Quartix, based in Wales, said that Konetik is the owner-developer of the software used in its EVolve product, a service designed to help companies manage their transition to electric vehicles (EVs).
According to GlobalData’s deals database, the purchase will be for an initial sum of €2.5m, payable immediately on completion, and a deferred consideration of up to €1.4m.
The total amount of deferred consideration payable will be based on the number of EVolve subscriptions over the next 24 months with payments made every six months, Quartix said.
Richard Lilwall, CEO of Quartix, said: “We are incredibly pleased to have acquired the underlying technology to EVolve, a SaaS product which provides the business with additional recurring revenue and enables our customer base to make the necessary transition towards more sustainable fleet operations.
“The acquisition will allow us to bring our excellent relationship with Konetik in-house, enabling increased efficiencies in developing the product going forward as more operators address the challenges and opportunities of electrifying their fleets.”
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