Coretex Raises $6m of Capital to Fund US Growth
Auckland, New Zealand. 24th August 2017. Coretex, the leader in Active Fleet Management Solutions, announced today that it has raised $6m of capital to fund new growth opportunities in North America. The funding round was led by the Milford Private Equity Fund II and included other cornerstone investors.
The capital arrives at an exciting time for Coretex, which recently closed out its biggest ever year, reporting 35% year-on-year recurring revenue growth. The capital raise will enable the business to deliver on the market opportunities presented by ELD (Electronic Logging Device) and FSMA (Food Safety Modernization Act) legislation, whilst also allowing it to fund the growth of Coretex construction supply solutions in North America.
Selwyn Pellett, Coretex Chief Executive Officer said “Our construction supply solutions have become the dominant force in both Australia and New Zealand and now is the right time to launch them into North America.”
Brooke Bone, Investment Director of the Milford PE Fund II said “Coretex is an exciting company to invest in as it solves so many regulatory, safety, productivity and efficiency issues for both corporate and SMB clients”.
Tim Nichols - Coretex Chief Marketing Officer
Phone: +64 22 642 4657
Twitter – www.twitter.com/coretexsolution
Coretex is the leader in Active Fleet Management, tracking more than 40,000 vehicles globally. The company provides fleet operators with High-Definition tracking solutions for their trucks, refrigerated trailers, dry trailers, waste & recycling trucks and ready mix fleets.
Coretex’s Active Telematics platform, Coretex 360, enables fleet operators to automate key business processes, helping them to run more efficient and safer operations, while meeting all company, state and federal compliance standards.
Coretex currently employs 110 people across New Zealand, Australia and the US. It is one of only two companies permitted to collect Road User Tax (RUC) on behalf of the New Zealand Government.
For more information visit www.coretex.com