The company has purchased Accessor Sverige AB and Ctrack Sweden AB, adding around 10,000 vehicles to ABAX’s existing subscription base and taking the total to more than 150,000.

The latest deals take the number of business acquisitions in Europe since 2014 to seven and come as ABAX reports a 50% growth rate for 2015, continuing the trend since it formed in 2009.

ABAX chief executive Peter Quinsgard said: “We are pleased to announce the acquisitions of Accessor Sverige AB and Ctrack Sweden AB. The acquisitions come as a natural step in our growth plans for the company.”

ABAX operates in six European countries and has a reported company revenue of NOK 359 million (€38.5m) in 2015. In 2014 the figure was NOK 239.8 million (€25.7m).

Accessor Sverige AB and Ctrack Sweden AB founder and former owner Niclas Holm said: “I have taken the companies to a level where they need more resources and a bigger organisation to take them to the next level.

“I have therefore been looking for the right organisation to replace me. I found that company in ABAX. ABAX are probably the only company in our line of business that consistently presents growth rates above thirty percent and are still able to remain profitable. I am therefore proud to hand over the responsibility to the ABAX Group.”