Powerfleet, Inc. and MiX Telematics Limited have closed their previously announced business combination, forming one of the world’s largest mobile asset Artificial Intelligence of Things (AIoT) Software-as-a-Service (SaaS) providers. This combination creates a scaled, global entity of choice focused on unifying business operations by simplifying how customers manage, analyze, and utilize data to drive improved business performance.

“This transformative combination positions Powerfleet as a leading global AIoT SaaS company, setting the stage for accelerated growth in recurring revenues, increased profitability, and expanded avenues for creating shareholder value,” said Steve Towe, Powerfleet’s chief executive officer.

A new board of directors of Powerfleet has now been appointed. The new board consists of Michael Brodsky, Chairman, Steve Towe, CEO, and Ian Jacobs, the previous MiX Chairman. Powerfleet is also pleased to announce Mike McConnell as a new board member.