Future Fleet

Jun 2, 2023

NewsnReleases by NNR | Posted on SYDNEY, AUSTRALIA: Orcoda Limited (ASX: ODA) has signed a Share Purchase Agreement to acquire 100% of the shares in Future Fleet International Pty Ltd, a Brisbane-based company that offers advanced fleet management systems, including telematics, asset tracking, driver fatigue and distraction detection technology and cold chain logistics assurance services. The total purchase price for the acquisition is $1.39 million plus stock at value, payable in cash and Orcoda shares. The acquisition is expected to be completed in July 2023, subject to satisfactory due diligence and other conditions. Orcoda is a leading provider of AI software solutions, management expertise and contracting services for transport logistics and transport infrastructure services. Future Fleet, established in 2003, currently manages over 6,400 vehicles in various sectors, such as transport, mining, services, government, farming and private sectors. In FY2022, Future Fleet achieved revenue of $3.5 million and EBITDA of $0.5 million (subject to due diligence and adjustments), with a substantial recurring income base derived from monthly subscription fees. Geoff Jamieson, Orcoda Managing Director, commented that “Future Fleet is a perfect fit into our Healthcare & Transport Logistics division as we integrate and combine our proprietary apps and Orcoda Logistics Management System (OLMS) with Future Fleet’s telematics devices to provide optimisation and real-time management capabilities to its customers. I expect significant cross-selling opportunities as we serve similar market segments and our combined hardware and software offerings will be welcome by our targets customers as they seek to accelerate their digital transformation journey”. Michael Worthington, Future Fleet founder, said that “I am proud to have built Future Fleet into a leading Australian fleet management systems provider. I am excited that Future Fleet is joining the Orcoda portfolio as I strongly believe that the combination will add significant value to the business and take it to the next phase of growth. I look forward to the combined entity’s future successes and intend to continue to be involved with Future Fleet in a consulting capacity”. Orcoda Limited is a publicly listed company (ASX: ODA) and one of Australia’s leading logistics solution providers for the healthcare, transportation, distribution and resource sectors. It operates in Australia, China, and Hong Kong, and is headquartered in Melbourne.