"Until recently Danfleet represented the Mapon brand in the Danish market. This has allowed the company to significantly increase its market share and was instrumental in the acquisition," the release said.
"Mapon works with both end-customers and partners around the world. Entering a new market on your own and without a known client base is difficult, time-consuming and costly. That's why we seize opportunities to acquire our partners' businesses in countries with high growth potential, such as Denmark," said Ingus Rūķis, Co-CEO of Mapon, adding that the company has so far similarly acquired businesses in Estonia and Finland, as well as a portfolio of clients in Lithuania.
"By expanding our operations in Denmark and leveraging the market knowledge and experience that we have gained so far, we'll be able to strengthen our position in Northern Europe," said Rūķis.
The transaction amount is based on Danfleet's sales results for the past 12 months, multiplied by a coefficient of 1.2. The new Mapon branch in Copenhagen will be led by the company's founders and directors, brothers Anders and Martin Thomsen. The rest of the team will also continue to work at the company.
Mapon also has a branch in Barcelona, opened in 2017, and subsidiaries in Helsinki and Tallinn since 2019. Currently, 31 employees work at the company's global offices.
"Since opening, all of Mapon's branches and subsidiaries have grown significantly, expanding both their local market share and global partner network. We see that Denmark has similar growth potential to our business in Finland. Since its acquisition fours years ago the company has tripled its annual turnover, connected as many tracking devices to the platform as the headquarters in Latvia, and sales continue to show excellent growth rates," says Ingus Rūķis.
Mapon is one of the leading fleet management and asset tracking solution providers in Northern Europe. The company claims more than 21 thousand clients and an extensive partner network on six continents who have collectively tracked more than 25 billion kilometres using Mapon products. Mapon currently employs 158 people and is the second largest company within the Draugiem Group.