12.09.2022 - ICT, Technology

Mapon acquires Danish telematics company

Mapon, a Draugiem Group company, has acquired a telematics company from Denmark – Danfleet. By investing half a million euros for 100% of the company’s shares, Mapon is expanding its operations in Scandinavia.

Until recently Danfleet represented the Mapon brand in the Danish market. This has allowed the company to significantly increase its market share and was instrumental in the acquisition.

“Mapon works with both end-customers and partners around the world. Entering a new market on your own and without a known client base is difficult, time-consuming, and costly. That’s why we seize opportunities to acquire our partners’ businesses in countries with high growth potential, such as Denmark,” says Ingus Rūķis, Co-CEO of Mapon, adding that the company has so far similarly acquired businesses in Estonia and Finland, as well as a portfolio of clients in Lithuania. “By expanding our operations in Denmark and leveraging the market knowledge and experience that we have gained so far, we’ll be able to strengthen our position in Northern Europe,” shares Rūķis.

The transaction amount is based on Danfleet’s sales results for the past 12 months, multiplied by a coefficient of 1.2. The new Mapon branch in Copenhagen will be led by the company’s founders and directors, brothers Anders and Martin Thomsen. The rest of the team will also continue to work at the company.

“Becoming a part of Mapon gives us more opportunities to work with large and important clients, as we are able to provide faster and better quality installations,” explains Anders Thomsen. “Joining a strong market player also gives us a much greater sense of security as a small business, helping us learn and apply best practices in business management and motivating us to achieve financial and growth targets.

Mapon also has a branch in Barcelona, which opened in 2017, and subsidiaries in Helsinki and Tallinn since 2019. Currently, 31 employees work at the company’s global offices.

“Since opening, all of Mapon’s branches and subsidiaries have grown significantly, expanding both their local market share and global partner network. We see that Denmark has similar growth potential to our business in Finland. Since its acquisition fours years ago the company has tripled its annual turnover, connected as many tracking devices to the platform as the headquarters in Latvia, and sales continue to show excellent growth rates,” says Ingus Rūķis.

Mapon is one of the leading fleet management and asset tracking solution providers in Northern Europe. The company has more than 21 thousand clients and an extensive partner network on six continents who have collectively tracked more than 25 billion kilometers using Mapon solutions. Mapon currently employs 158 people and is the second largest company of the Draugiem Group.

Source: labsoflatvia.com

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