"As a result of this transaction, Mapon has significantly expanded its customer portfolio and established its position as one of the industry leaders in the Baltics," said a company release. The value of the deal was not disclosed.
Both Mapon and Trackon offer fleet management and GPS tracking solutions for businesses, helping to ensure efficient resource management and fuel control, as well as improving road safety. The company expects this deal to bring their combined turnover in the Lithuanian market close to 1 million euros and provide services for over 40,000 vehicles. As a result of this deal, Trackon Fleet Management UAB will become Mapon Lithuania.
“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,” said Mapon CEO Andris Dzudzilo.
Mapon has also acquired companies and opened branches in Denmark and Finland, and 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.
"We have been working with Mapon for over ten 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," said Trackon founder and CEO Virmantas Uzpalis.
Mapon has already carried out five similar acquisition deals to expand the company's market share in Northern Europe. In 2021, Mapon acquired the client portfolio of its Lithuanian partner TrackingMap, and last year in June, the company acquired 100% of the shares and extensive client portfolio of the Estonian company CarCops. Additionally, in March of this year, Mapon attracted both private and institutional investors, who have invested 3 million euros in the company's bonds to finance acquisition deals, and the acquisition of Trackon will allow Mapon to consolidate the Lithuanian market and strengthen its leading position in the Baltics.
According to the company itself, Mapon is used by over 30,000 customers on six continents. Currently, the company employs 180 people.
