Cabcharge enters agreement to acquire Mobile Technologies International Pty Ltd
ASX AND MEDIA RELEASE
18 October 2018
Acquisition of Mobile Technologies International Pty Ltd
On 20 June 2018 Cabcharge Australia Limited (Cabcharge, ASX:CAB) advised that it had entered into an agreement to acquire all of the issued shares in Mobile Technologies International Pty Ltd (MTI) for a purchase price of $6.6 million, subject to approval by the ACCC.
The ACCC has today announced that it does not intend to oppose the acquisition.
MTI is a leading global provider of Software as a Service (SaaS) automotive dispatch and booking technology. MTI has an established presence in North America, Europe, Australia and New Zealand, and is also the owner and operator of Mantax Taxis, the largest network of black cabs in Manchester, England.
Cabcharge CEO Andrew Skelton said: “Combining our world class customer facing and payments technologies with MTI’s leading dispatch services creates a workforce with deep industry knowledge and global reach. Coordinating software architecture across the range of technologies offered by Taxi Networks to Passengers and Drivers accelerates our mission to remove friction and deliver seamless solutions that enable established Taxi Networks to meet and exceed the expectations of their Passengers and Drivers now and into the future. Together, MTI and Cabcharge are looking forward to providing local Taxi Networks with access to a well resourced and globally scaled technology offering.”
MTI will continue with its existing leadership structure, including co-founder Matthew Bellizia, and operate as a subisidary of Cabcharge enabling MTI to provide systems and service to each of its customers equally and fairly. The synergies available in the combined firm will be channelled into fast tracking the delivery of new features and upgrades for MTI customers.
The acquisition of MTI is not anticipated to have a material impact on FY19 earnings and formal completion is planned in 1H19.
For more information:
Courtney Howe +61 404 310 364
Cabcharge is an ASX listed company with a market capitalisation of ~$267million and a vision to be Australia’s leading personal transport business. Cabcharge is a key player in the digital payment market, developing Australia’s first Electronic Funds Transfer solution for Taxis and is the largest supplier of Taxi payment software across Australia. Cabcharge is also the owner and operator of Australia’s largest taxi network – 13cabs – which supports 10,000 taxis in Australia spanning Adelaide, Alice Springs, Brisbane, Melbourne, Newcastle, Sydney and regional Victoria. https://www.cabcharge.com.au
MTI is a global leader in Taxi technology and supplies many of the leading Taxi companies around the globe with world class technology for the processing, management and distribution of bookings and associated services. MTI’s technology can be seen in many leading Australian and New Zealand Taxi companies and includes advanced booking apps, call center technology, smart dispatch algorithms, and in-vehicle tablet and data terminal solutions.
MTI technologies are used in 42 cities across North America and in Finland by Taksi Helsinki, the largest Finnish Taxi company. MTI also supplies market leaders in the United Kingdom including CityFleet as well as Delta Taxis in Liverpool.
MTI was part of MTData and demerged in 2017 paving the way for the Telstra acquisition of the MTData Transport technology. http://www.mtidispatch.com