Fleetmatics revenues jump 40% in quarter

Irish commercial fleet management company Fleetmatics has reported a 40% jump in revenues for the final quarter of the year, according to results filed with the New York stock exchange.

The company reported revenue of $50.1m (€36.5m) on the 445,000 vehicles that the company monitors through its software.

Chairman and chief executive of Fleetmatics, Jim Travers, said that the company had followed a successful strategy of growing by targeting small- and medium-sized businesses.

“The fourth quarter marked a strong finish to the year, driven by continued market demand and the strong value proposition of our comprehensive software-as-a-service fleet management solution to SMBs. During 2013, we successfully executed our strategy and extended our leadership position, as evidenced by the strong growth of new customers, increased sales to existing customers, geographic expansion, and the introduction of new features,” he said.

Fleetmatics reported income of $16.2m, compared to $4.6m for the same period last year. The growth was due to a 34% increase in vehicles using Fleetmatics software and 4,000 new customers who have become subscribers.

Fleetmatics have now collected 4.8bn pieces of data on the 445,000 vehicles that use the system. Using this information and its technology Mr Travers believes that the company will continue to grow.