PowerFleet, Inc. (Nasdaq: PWFL) and MiX Telematics Limited (NYSE: MIXT, JSE: MIX) have announced that they have entered into a definitive agreement to form one of the largest mobile asset Internet of Things (IoT) Software-as-a-Service (SaaS) providers in the world. This powerful combination will form a scaled, global entity of choice focused on helping customers save lives, time, and money by solving mission-critical business challenges including safety and risk management, compliance, sustainability, and operational efficiency. Upon close, the combined business will be branded as Powerfleet, with its primary listing on Nasdaq. Powerfleet intends to procure a secondary inward listing on the Johannesburg Stock Exchange to accommodate existing and future South African shareholders. The transaction is expected to close in the first quarter of calendar year 2024.

Latham & Watkins LLP is advising William Blair as financial advisor to PowerFleet in the transaction with a corporate deal team led by Chicago partner Max Schleusener, with New York associate Sašo Kraner.