Mobile cloud player Fleetmatics now connects with 472,000 vehicles

1 May 2014

Irish NYSE-listed mobile software company Fleetmatics has reported Q1 revenues of US$51.9m, up 35pc on last year. The company’s total subscriber base has reached 472,000 vehicles, up 32pc on last year.

Gross profit for the first quarter was US$39.2m, compared to US$28.4m for the first quarter of 2013.

At the end of March, Fleetmatics had cash of US$148.2m on its balance sheet, up US$11m since December last year.

“We are pleased with our strong start to the year, which was highlighted by continued growing demand for our comprehensive software-as-a-service fleet-management solution,” said Jim Travers, chairman and chief executive officer of Fleetmatics.

“We believe that Fleetmatics remains well positioned to increase marketshare worldwide, driven by our continued market penetration in North America and the UK, as well as launching our solution into our new markets of Australia, mainland Europe and Mexico.

“We are also excited to have released our new software platform, which brings highly differentiated and industry-first functionality to our service-oriented local fleet customers,” Travers said.

While Tallaght, Dublin-headquartered Fleetmatics has grown to almost 600 employees worldwide, it maintains its core IP (intellectual property) development in Dublin, where more than 100 people focus on worldwide product development and service delivery.

Cloud image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years