Friday, February 21 10:17:20
Irish-based global provider of fleet management solutions, Fleetmatics, today posted full year 2013 revenues of $177.4 million, an increase of 39.2pc compared to $127.5 million.
The Wall Street-listed group recorded revenue for the fourth quarter of USD50.1m, an increase of 39.8pc compared to USD35.8m for the fourth quarter of 2012.
Net income for the fourth quarter was USD16.2m, compared to USD4.6m for the same period last year. The company saw 34pc growth in vehicles under subscription, now totalling more than 445,000 subscribed vehicles and about 22,000 customers.
During 2013, more than 4,000 new customers signed up to Fleetmatics, and its subscriber base collected 4.8bn data points and the group began an expansion into Mexico, Australia and the Netherlands.
"The fourth quarter marked a strong finish to the year, driven by continued market demand and the strong value proposition of our comprehensive software-as-a-service fleet-management solution to SMBs," said Jim Travers, chairman and chief executive officer of Fleetmatics.
"During 2013, we successfully executed our strategy and extended our leadership position, as evidenced by the strong growth in the number of new customers, increased sales to existing customers, geographic expansion, and the introduction of new features.
"Looking forward, we believe Fleetmatics remains well positioned to further grow market share driven by our continued commitment to innovation and expanding our global reach," Travers said.