AIOT (Powerfleet, Inc.) is a global leader in Artificial Intelligence-of-Things (AIoT) solutions, specializing in managing high-value enterprise and mid-market assets to improve operational efficiencies. The company provides advanced AIoT solutions paired with Software-as-a-Service (SaaS) platforms to deliver actionable insights, enhance safety, and drive profitability. AIOT sells products and services that include IoT devices, enterprise software applications, and analytics platforms designed for asset and operator management across diverse industries.
- Services - Offers mission-critical solutions for warehouse, trailer, and vehicle operations, providing end-to-end visibility and operational insights through a unified SaaS platform.
- Products - Develops IoT devices and sensors designed to withstand harsh environments, enabling real-time asset tracking and condition monitoring across global supply chains.
You might also like
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Steve Towe ExecutiveBoard | Chief Executive Officer and Director | Steve Towe has served as the Chief Executive Officer of AIOT (Powerfleet, Inc.) since January 2022. He also holds board positions at I.D. Systems, Inc. and Powerfleet Israel Ltd., contributing over 20 years of senior leadership experience. | View Report → | |
David Wilson Executive | Chief Financial Officer and Corporate Secretary | David Wilson has served as the Chief Financial Officer and Corporate Secretary at AIOT since January 2023. He is additionally designated as the Principal Financial Officer and Principal Accounting Officer within the company. | ||
Frank Friesacher Executive | Leads the execution of Powerfleet's technology roadmap | Frank Friesacher is a key member of Powerfleet's leadership team at AIOT, responsible for executing the technology roadmap. He previously served as the Chief Product Officer at Fleet Complete. | ||
Mike Powell Executive | Chief Innovation Officer (CINO) | Mike Powell, with two decades of experience in digital transformation and AI-driven growth, was appointed as Chief Innovation Officer (CINO) at AIOT on January 7, 2025. | ||
Andrew Martin Board | Director | Partner and Senior Research Analyst at Private Capital Management, LLC (PCM) | Andrew Martin was elected to the board of Powerfleet, Inc. (AIOT) on April 29, 2024. He brings broad expertise from his role as Partner and Senior Research Analyst at Private Capital Management, LLC. | |
Ian Jacobs Board | Director | Chairperson of MiX Telematics; Managing Member of 402 Capital LLC | Ian Jacobs has been a Director at AIOT since April 2, 2024 following the MiX Combination. He brings extensive experience from his active roles as Chairperson of MiX Telematics since November 2022 and as Managing Member of 402 Capital LLC. | |
Michael Brodsky Board | Chairman of the Board | Director of EdgeCortix Inc. (since March 2021); President of Bosun Asset Management, LLC; Managing Partner of Vajra Asset Management, LLC | Michael Brodsky has been serving as the Chairman of the Board at AIOT since December 2016. He also has extensive board experience as a Director since June 2014 at AIOT and holds active external roles such as President of Bosun Asset Management, LLC, Managing Partner of Vajra Asset Management, LLC, and Director of EdgeCortix Inc. (since March 2021). | |
Michael McConnell Board | Director | Chairman of Adacel Technologies Limited; Board Member at OneSpan Inc. | Michael McConnell serves as a Director at AIOT since April 2, 2024. He brings over two decades of board and executive experience across multiple industries, having held leadership roles such as Chairman at Adacel Technologies Limited and board positions at OneSpan Inc.. |
Research analysts who have asked questions during Powerfleet earnings calls.
Alexander Sklar
Raymond James Financial, Inc.
6 questions for AIOT
Anthony Stoss
Craig-Hallum Capital Group LLC
6 questions for AIOT
Dylan Becker
William Blair
6 questions for AIOT
Greg Gibas
Northland Securities, Inc.
6 questions for AIOT
Scott Searle
ROTH MKM
6 questions for AIOT
Gary Prestopino
Barrington Research
5 questions for AIOT
Gary Prespettino
Barrington Research
1 question for AIOT
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Fleet Complete | 2024 | Powerfleet acquired Fleet Complete for a total value of $200 million, with $173 million in cash and $21 million in stock, financed in part by a $125 million term loan and additional share issuance. The strategic rationale included boosting recurring SaaS revenue, expanding geographically, and leveraging strong channel partnerships, with integration terms such as exclusion of Fleet Complete’s disclosure controls for one year and repaying its historical debt. |
MiX Telematics | 2024 | Powerfleet completed an all-stock merger with MiX Telematics on April 2, 2024, with a preliminary estimated fair value of $362 million and an ownership split where MiX shareholders held approximately 65.5% of the combined entity. The deal accelerated Powerfleet's Unity platform strategy by expanding its mobile asset IoT SaaS capabilities, generating cost synergies of about $27 million and offering significant cross-selling opportunities. |
Movingdots GmbH | 2023 | In 2023, Powerfleet acquired Movingdots GmbH via a share purchase and transfer agreement for a nominal amount (€1) plus a ten-year warrant issuance valued at approximately $1.3 million, resulting in identifiable net assets and a bargain purchase gain of €7,517. The acquisition strengthened Powerfleet’s SaaS-based fleet intelligence platform through enhanced customization and insurance risk insights, expanding its European presence alongside detailed asset/liability allocations. |
Recent press releases and 8-K filings for AIOT.
- Powerfleet announced the launch of its advanced Unity in-warehouse solutions through a strategic partnership with TELUS, aiming to boost warehouse safety, compliance, and operational efficiency in North America.
- The new AI-driven solutions leverage advanced technologies such as machine learning and IoT connectivity, positioning the company for scalable revenue growth and further digital transformation.
- Revenue Growth: Q3 revenue increased 45% year-over-year to $106.4 million, with service revenue comprising 77% of the total, driven by the Fleet Complete acquisition.
- Adjusted EBITDA Increase: EBITDA rose 77% to $22.5 million, reflecting robust organic growth and cost synergies, while positioning the company with an annual run rate exceeding $85 million.
- Raised Guidance: The FY25 outlook was improved by adding $10 million in revenue and $2.5 million in adjusted EBITDA, signaling enhanced performance expectations.
- Integration Progress: Post-acquisition integration efforts—including those with Fleet Complete and MiX Telematics—are ahead of schedule, setting the stage for double-digit growth in FY26.
- The presentation outlines projected revenue and EBITDA growth with targets of approximately $352.5M in revenue for FY2025 and $450M for FY2026, and a goal to meet the Rule of 40 performance.
- The company emphasizes margin expansion driven by a two-pronged strategy: cost synergies from the MiX and Fleet Complete transactions and accelerated top-line growth across both enterprise and mid-market segments.
- It also highlights strong organic performance in 1H'25 with significant improvements in adjusted EBITDA and revenue, underpinned by enhanced go-to-market initiatives.