Swedish fleet management system provider, Vehco, has acquired Dutch telematics and transport management software supplier, Groeneveld ICT Solutions.
Vehco, a company in the AddSecure Group, said that the acquisition placed the business one step closer to being a leading European fleet management provider for transport companies that use heavy commercial vehicles in the Netherlands, Germany, Belgium, France, Spain, England and Poland.
“When AddSecure stepped in as new owners in May this year, Vehco attained the financial strength to become the largest provider of systems for fleet management in Europe to heavy commercial vehicles,” Vehco said in a statement. “Only three months later, Vehco announces the strategic acquisition of Groeneveld ICT Solutions, which will accelerate growth, expand Vehco’s geographic footprint and strengthen the company’s overall competitiveness and services in Europe.”
“Through the aquision of Groeneveld ICT we take a major step forward to becoming the largest provider of systems for Fleet Management in Europe,” said Vehco CEO, Magnus Orrebrant. “Groeneveld ICT has built a solid reputation when it comes to supplying leading edge Fleet Management Solutions and state-of-the-art ICT solutions, and will bring a strong customer base.
“We are thrilled to now become a part of an expansive European group within fleet management,” said Groeneveld ICT Solutions CEO, Luc Lammens. “Groeneveld ICT brings a large installed base that will benefit from Vehco’s innovation capabilities and expertise and we look forward to support the growth and work in the Vehco team.”
In 2017, Groeneveld ICT Solutions’ revenue amounted to close to €13 million and the company had 67 employees.