“In South Africa we focus on the security side for consumers but globally, where our business really is strong, is in the fleet management side of the business. That’s where we’re seeing huge growth and opportunity,” MiX Telematics group financial director Megan Pydigadu told CNBC Africa on Tuesday.
“We feel by listing on the New York Stock Exchange, we’ve got access to a far greater investor community, and we’re also raising our profile from a global perspective.”
The driver safety, vehicle tracking and fleet management solutions company recently announced its listing on the New York Stock Exchange (NYSE) as a way to access a broader market.
“ABI recently did research and they say that the commercial car park is probably 330 million cars globally and, of that, only four per cent of vehicles are using telematics devices. So they are saying that by 2017 we should see that tripling,” stated Pydigadu.
“We’re at a point in our industry where there’s a large opportunity for growth and we’re starting to see that if we get access to the US capital markets, which are deeper than South African markets, we can continue with our strategy and accelerate the growth that we’ve seen over the last few years.”
[DATA MIX:MiX Telematics] specialises in reducing cost, reducing risk, improving driver safety, reducing environmental impact and improving customer service for its clients.
Subsequent to their move into the US market, Pydigadu insists that there will be more reporting from the company’s side.
“We do have US investors so we need to ensure that we’re giving them what they want because obviously its competitive being listed in the US. We will be reporting quarterly and we do have our quarterly results coming out next week. We will be giving guidance in terms of where we think our results will finish up for the year end.”