Cartract, a Nigerian-based vehicle telematics firm with global inclination has hit 1 million subscribers, as its revenue increased by 15% between January and August 2019.
Cartract is a global software-as-a-service provider that offers fleet management, stolen vehicle recovery, and insurance telematics to over 1 million clients in 24 countries.
Its growth is attributed to the services rendered like the Vehicle-as-a-Service (VaaS) and data analytics.
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A report released by Cartrack revealed that the company’s subscriber has increased by 22% in the months in view and has 1.04 million subscribers with a net addition of 189,198 customers year-on-year.
The subscriber’s growth also led to a 26% subscription revenue of $12.7million, against last year’s $10 million profit. Other profits derived between January to August according to BussinessTech includes;
A 70% increase in cash generated from business operating activities
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of R480 million (HY19: R376 million), up by 28%.
The CEO and founder of Cartrack, Zak Calisto applauded the new height the company has attained. He noted that the result shows the increase in demand for tech platforms that offers Vehicle-as-a-Service and data analytics.
Zak also reiterates the company’s interest to meet the growing demand for data analytics, new applications for vehicle cost accounting, mobile workforce management, and CRM.
Cartrack currently operates in Africa, Europe, North America, Asia Pacific, South Africa, and the Middle East.
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