Cybit Acquires German-based Truck24 to Extend Its Position as Europe's Leading Telematics Vendor

Cybit, Europe's leading online Telematics Service Provider (TSP), has announced the acquisition of Truck24, a leading German-based Central European telematics vendor, specialising in the HGV and logistics sectors across Germany, Switzerland and Austria. The acquisition strengthens Cybit's position as Europe's leading telematics vendor, adding a further 200 customers and 3,300 installed units to its existing base, creating a customer community of over 1,700 and approaching 70,000 mobile assets tracked by Cybit Group hardware and software solutions.

The Truck24 product range is touch-screen based for ease of use, and can be fully integrated into end-to-end logistics operations, including planning and scheduling, to reduces costs and increase transparency across the supply chain. Truck24's five years of extensive experience in the telematics industry will help accelerate Cybit’s ability to deliver new initiatives, such as CanBus engine management integration and digital tachograph. CanBus-generated vehicle performance data helps unlock a range of new cost savings and efficiency enhancements within a vehicle fleet.

"This is an important acquisition for Cybit, that extends our presence in Germany, Austria and Switzerland and provides a platform for further European expansion," commented Cybit's Chief Executive Officer, Richard Horsman. "Truck24 is an established business with strategic partnerships in Germany with organisations such as ADAC and Schmitz CargoBull.that will fit well with our existing operations. The German market is very attractive as it has the largest vehicle population in Europe with over 50 million vehicles. This acquisition will not only accelerate our growth in a key strategic market, but will also bring new expertise from within the German, Swiss and Austrian industrial sectors that will help drive development in key verticals, such as HGV and logistics."

All Truck24 staff will transfer on acquisition, and its CEO will become part of the Cybit international management team. German, Austrian and Swiss customers can now benefit from Cybit’s experience and expertise gained in the UK market, which has already gone through many of the challenges currently facing European businesses. Cybit's German installed customer base will be integrated within the Truck24 infrastructure, and serviced by the newly enlarged business.

"We are committed to growing the scale of Cybit through both acquisitions and organic growth. The European market remains extremely fragmented and we are focused on creating a group with scale and a broad base of operations. This is now our fifth sizeable acquisition, and each one has brought new, essential functionality to the group, enabling us to create new, highly relevant offerings for a wider range of customers in new industries," added Richard Horsman.