Telematics firm ABAX is continuing its European expansion plans with the acquisition of Danish tracking firm Fleetfinder for an undisclosed amount.

Bjorn Erik Helgeland and Petter Quinsgaard

The firm has 17 years’ experience in the Danish tracking and fleet management market and brings a total of around 7,000 subscriptions to ABAX Group’s existing portfolio – marking nearly a 100% increase. It also brings the group’s total base up to 220,000 vehicles.

Fleetfinder marks ABAX’s eighth acquisition since 2014 and the first acquisition since it was bought by international investment company Investcorp in June 2017 for 1.8bn NOK (€190m).

“The acquisition of Fleetfinder is an important strategic decision for ABAX that will further strengthen our market position in the Nordic region. The rapid consolidation we now see in the European markets will continue and ABAX will be at the forefront of this trend as we move forward into 2018,” said Petter Quinsgaard, CEO of ABAX Group.

The acquisition will also see Morten Callessen, CEO of Fleetfinder ApS, stay on with ABAX, drawing on his 18 years-plus of experience within the industry, and reinvest with the company.

“It was important for us that Morten agreed to join ABAX on our journey forward. We will gain immensely from his long experience and entrepreneurship within the telematics industry and he will play an important role alongside our CEO in Denmark, Pam Singh and her team,” added Bjørn Erik Helgeland, COO of ABAX Group.