Acquisition Expected to Create a $400m+ Revenue Company, Including $300m+ of Recurring SaaS Revenue, $85m EBITDA, and Significant Expansion Opportunities

WOODCLIFF LAKE, N.J., Oct. 1, 2024 /PRNewswire/ — Powerfleet, Inc. (Nasdaq: AIOT) has successfully closed the previously announced acquisition of Fleet Complete, a prominent player in connected vehicle technology and fleet management.

With 2.6 million total combined subscribers and forecasted combined revenue of over $400 million, including more than $300 million of recurring SaaS revenue, this transformative acquisition is expected to solidify Powerfleet’s position as a true global leader in the rapidly expanding AIoT market.

“We are thrilled to have completed this transformative and highly accretive transaction. This acquisition immediately scales our presence in both North America and Europe while unlocking substantial top-line growth opportunities through Fleet Complete’s established indirect channel partnerships, particularly in the U.S. and Canada. Moreover, the acquisition enhances Unity’s data ingestion and integration capabilities, adding 600,000 new subscribers while expanding cross-sell opportunities and strengthens our position in the fast-growing AI-powered video market with Fleet Complete’s FC Vision solution,” said Steve Towe, CEO of Powerfleet. “We are excited to welcome Fleet Complete to the Powerfleet family and are confident in our ability to deliver enhanced shareholder value moving forward.”

ABOUT POWERFLEET
Powerfleet (Nasdaq: AIOT; JSE: PWR) is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry. With more than 30 years of experience, Powerfleet unifies business operations through the ingestion, harmonization, and integration of data, irrespective of source, and delivers actionable insights to help companies save lives, time, and money. Powerfleet’s ethos transcends our data ecosystem and commitment to innovation; our people-centric approach empowers our customers to realize impactful and sustained business improvement. The company is headquartered in New Jersey, United States, with offices around the globe. Explore more at www.powerfleet.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of federal securities laws. Powerfleet’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements may be identified by words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions.

These forward-looking statements include, without limitation, Powerfleet’s expectations with respect to its beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions and future performance, as well as anticipated financial impacts of the acquisition of Fleet Complete. Forward-looking statements involve significant known and unknown risks, uncertainties and other factors, which may cause their actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. Most of these factors are outside Powerfleet’s control and are difficult to predict. The risks and uncertainties referred to above include, but are not limited to, risks related to: (i) the ability to realize the anticipated benefits of the acquisition of Fleet Complete; (ii) the ability to successfully integrate the businesses; (iii) disruption from the acquisition of Fleet Complete making it more difficult to maintain business and operational relationships; (iv) the negative effects of the consummation of the acquisition of Fleet Complete on the market price of Powerfleet’s securities; (v) significant transaction costs and unknown liabilities; (vi) litigation or regulatory actions related to the acquisition of Fleet Complete; and (vii) such other factors as are set forth in the periodic reports filed by Powerfleet with the Securities and Exchange Commission (“SEC”), including but not limited to those described under the heading “Risk Factors” in its annual reports on Form 10-K, quarterly reports on Form 10-Q and any other filings made with the SEC from time to time, which are available via the SEC’s website at http://www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

The forward-looking statements included in this press release are made only as of the date of this press release, and except as otherwise required by applicable securities law, Powerfleet assumes no obligation, nor does Powerfleet intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.

Powerfleet Investor Contacts
Carolyn Capaccio and Jody Burfening
LHA Investor Relations
AIOTIRTeam@lhai.com

Powerfleet Media Contact
Jonathan Bates
jonathan.bates@powerfleet.com
+44 7921 242 892

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SOURCE Powerfleet

LOS ANGELES, Oct. 1, 2024 /PRNewswire/ — Loyola Marymount University has received a $5 million grant from the W.M. Keck Foundation in support of the new Engineering Innovation Complex (EIC), a planned capital expansion for LMU Frank R. Seaver College of Science and Engineering.

The Keck Foundation has supported the university for more than four decades with grants now totaling $9 million. Their latest gift is the first in the match of the Thomas and Dorothy Leavey Foundation’s $25 million lead gift to the EIC, offering a vote of confidence to inspire other potential donors with the importance of this project.

“The Leavey Foundation issued a galvanizing challenge, and I am heartened that the Keck Foundation responded so generously in an affirmation of their commitment to STEM education in Southern California,” said Peter Wilch, senior vice president for University Advancement. “The EIC will be among the most impactful capital projects for Seaver College in a generation and significantly improves both the teaching and learning experience. I am deeply grateful to the Keck Foundation for its pacesetting contribution.”

Added Stephen M. Keck, co-chair and co-chief executive officer of the Keck Foundation: “We are pleased to continue the foundation’s support for Seaver College, especially because the EIC will give generations of LMU students opportunities for learning, discovery, and creativity.”

With best-in-class facilities for research, learning, and discovery, the EIC will expand the university’s leadership in STEM education, helping to accelerate new technologies and scientific advances. In addition to housing classes in engineering, computer science, physics, and health care systems engineering, the facility will support interdisciplinary research programs that are a hallmark of integrative scholarship. Collaborative spaces for learning and research, advanced maker spaces, teaching laboratories, and community spaces will enable Seaver College students and faculty to work with industry partners dedicated to innovation in STEM both within and beyond the university, particularly among LMU’s neighbor institutions along Southern California’s technology corridor.

“The W.M. Keck Foundation recognizes the value and impact of interdisciplinary work,” noted Joseph Day, co-chair and co-chief executive officer. “We are excited for the EIC’s flexible labs and community spaces to foster scientific collaboration and advance undergraduate STEM education at LMU.”

Seaver College Dean Tina Choe expressed gratitude for the Keck Foundation’s many years of support for the college, particularly grants that have funded labs for computer science and biology. “The imprimatur of the Keck Foundation will inspire confidence in prospective funders to the EIC,” Choe said.

The EIC will use modern architectural touchstones that are built for the future with a focus on flexibility and sustainability. A module-based layout will provide the ability to reconfigure teaching and research spaces to respond to changing needs and to opportunities for specialized hubs that address key areas for investigation. The Leavey Foundation’s lead gift matches new commitments to the EIC from donors on a dollar-for-dollar basis up to $25 million through Dec. 31, 2026.

About Loyola Marymount University

Loyola Marymount University is ranked among the nation’s premier colleges and universities by U.S. News and World Report, which places LMU among the country’s top 50 private and top five Jesuit universities, and California’s top six private schools. Founded in 1911, LMU is a Catholic, Jesuit, and Marymount university with more than 7,100 undergraduate students and more than 3,000 graduate and law students. LMU offers 56 undergraduate majors and 56 minor programs, along with 46 master’s degree programs, four doctorate programs and 12 credential/authorization programs. LMU’s intercollegiate athletics teams compete in the West Coast Conference with 14 Division I and varsity sports.

LMU news and events are found at: www.lmu.edu/news.

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SOURCE Loyola Marymount University

McKean Joins Sunwest with Over 25 Years of Banking Experience

SANDY, Utah, Oct. 1, 2024 /PRNewswire/ — Sunwest Bank is pleased to welcome Mike Mckean as its new SVP, Director of Treasury and Payments. In this role, McKean will lead the banks Deposit growth, payments strategy and sales across multiple states and divisions. Under his direction the Treasury and Relationship teams will provide consultative liquidity and working capital diagnostics to streamline payment processing, improve efficiencies and maximize working capital.

“We are thrilled to welcome Mike to the Sunwest Bank team,” said Robert Faver, Sunwest Bank EVP, Managing Director of Commercial Banking. “Mike’s depth of experience in treasury and payment solutions will provide our clients additional resources unique to Sunwest. Additionally, Mike has worked in industries that we feel complement well our robust product offering.” 

Prior to joining Sunwest Bank, McKean spent 4 years at Umpqua Bank leading the Treasury sales division and helping to grow sales production from $1MM to over $10MM. He also spent 8 years at USBank leading the Working Capital Consulting Division as well as 12 years in payments at JPMorganChase. He has extensive experience in payments and payments automation including payables and receivables management, commercial card, faster payments and working capital management. McKean started his career at First USA/Paymentech helping to launch the industry’s first internet based commercial card reporting solution.

McKean attended Weber State University and University of Phoenix studying Business Administration. He is a member of the Board of Directors for Wespay, an innovative payments association dedicated to guiding members through the ever-changing payments industry with education, information, advisory and advocacy services. Mike also served as an elected official for Plain City Utah as City Councilman. He is a lifetime Utahn and resides in Northern Utah with his wife Tammy and 4 children.

“I am thrilled to be a part of an entrepreneurial business bank that provides excellent service to entrepreneurs and businesses,” said Mike McKean, Sunwest Bank SVP, Director of Treasury and Payments. “Sunwest is a leader in Technology and payments integration combined with a seasoned and talented relationship team that knows how to maximize a business’s working capital. It is refreshing to be a part of a bank built by entrepreneurs for entrepreneurs.”

To learn more about Sunwest Bank, visit https://www.sunwestbank.com/.

About Sunwest Bank
Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $3.0 Billion in assets. Headquartered in Sandy, UT, with operations in California, Arizona, Idaho, Utah, and Florida; Sunwest is an entrepreneurial business bank with a long tradition of providing excellent service to entrepreneurs, privately held corporations, family offices, small-medium sized business and real estate developers throughout the Western United States. Sunwest Bank is a Member FDIC and Equal Housing Lender.

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SOURCE Sunwest Bank