Financial services provider Rand Merchant Bank (RMB) acted as the sole mandated lead arranger and funder of a $100-million funding package for global telematics business Powerfleet.
The entity was created from a merger between Powerfleet and Mix Telematics. The combined business aims to become a top-tier global provider of Internet of Things and software-as-a-service solutions that optimise the performance of mobile assets.
RMB tailored the debt facility to cater for significant complexity in Powerfleet’s multi-jurisdictional business.
It says the facility will enable the enlarged Powerfleet to leverage the strengths of each business, maximise cross-sell and upsell opportunities across multiple asset types on a global scale, and unlock value for customers across verticals.
“RMB’s agility and swift decision-making capabilities played a crucial role in delivering a solution for Powerfleet,” posits RMB Debt Financing Solutions Business team lead Blessings Magagane.
RMB will also further support Powerfleet in streamlining its transactional banking requirements in South Africa.
“We are thrilled with the strategic partnership we've developed with RMB as we advance our global ambitions, particularly through the recent merger with Mix Telematics.
“RMB’s tailored approach to funding, distinguished by its deep market insights and flexibility, truly set it apart. This collaboration was not only an essential component of a smooth merger process but also positions Powerfleet to harness emerging opportunities and drive transformative outcomes in our industry,” says Powerfleet CFO David Wilson.