Mapon, one of Northern Europe’s leading fleet management solution providers, has acquired 100% of the shares of the Trackon Fleet Management UAB in Lithuania.

L-R: Mapon co-CEOs Andris Dzudzilo and Ingus Rukis

The deal will see Trackon become Mapon Lithuania, significantly expanding Mapon’s customer portfolio and establishing its position as one of the industry leaders in the Baltics.

Both Mapon and Trackon offer fleet management and GPS tracking solutions for businesses, and the deal is expected to bring their combined turnover in the Lithuanian market close to €1m (around £853,000), providing services for more than 40,000 vehicles.

Mapon CEO Andris Dzudzilo said: “We have known Trackon since 2011, as it was our very first export partner. This is not just a client portfolio acquisition deal; it is a strategic step to onboard a strong team that fully understands the neighbouring market, which will help strengthen our position in the Baltics.”

In March this year, Mapon attracted both private and institutional investors, which have invested €3m (around £2.6m) in the company’s bonds to finance acquisition deals.

Mapon has made a number of recent acquisitions and opened branches in Denmark and Finland, while it also now has a branch in Barcelona. As a result, the Mapon team in Latvia, Estonia, Lithuania, Finland, Denmark and Spain can provide daily support to clients and partners worldwide.

Trackon founder and CEO Virmantas Uzpalis continued: “We have been working with Mapon for over 10 years and now we have decided to combine the strengths of both companies to provide even better services to our clients. Mapon has established itself as an experienced and knowledgeable industry player. The addition of the Trackon team will expand its expertise in the Lithuanian market, strengthening and ensuring the best service quality and support to customers not only in the Baltics but all over the world.”

Other recent deals by Mapon include the 2021 acquisition of the client portfolio of its Lithuanian partner TrackingMap, while last year in June, the company acquired 100% of the shares and extensive client portfolio of the Estonian company CarCops.