Autofleet announced its purchase by the international vehicle fleet management corporation Element Fleet Management, in a deal valued at approximately 110 million dollars. As part of the transaction, Autofleet is expected to continue to operate as an independent unit even after the acquisition, and to maintain its activity separate from the purchasing corporation in the first stage.
Autofleet has developed an advanced computerized system for managing and organizing vehicle fleets for car rental companies, car sharing companies, public transport operators and car manufacturers. Autofleet’s system allows fleet managers to predict demand, transport vehicles ahead of time, price services dynamically, and use advanced algorithms to manage the fleet and ensure that the vehicles will always be in an active frame and generate additional revenue.
Through the platform, car companies can connect to ride-share services such as Uber and Lyft or delivery services, and match vehicles to drivers and customers in order to benefit from new sources of income and prevent vehicles from standing idle in parking lots. In addition, Autofleet offers the use of a simulator that helps in planning and making changes to the fleet without the need to load or unload vehicles from the road.
Autofleet, founded in 2018 by Kobi Isenberg and Dor Shay, is currently engaged in the development of technologies that optimize fleet operations. The company currently employs about 70 people, and has so far raised about $29.5 million from the funds Fujitsu Ventures, Goodyear Ventures, Plug and Play Tech Center, MizMaa Ventures and Drive TLV.
Kobi Isenberg, CEO and founder of Autofleet, expressed enthusiasm for the extensive upgrade that the merger will bring: “This partnership represents a powerful combination of two companies with similar vision and values. It will allow us to leverage Element’s strength in the market and accelerate the growth of Autofleet through innovative and faster solutions for the benefit of the entire industry.”
Dor Shai, VP of Technology and co-founder of Autofleet, added: “Autofleet’s journey began with a vision to empower fleet companies through advanced technology that optimizes fleet operations. This purchase reflects our success in building an innovative optimization platform and will allow us to continue promoting the innovation and services we provide.”
