Coretex acquires US company Air-Trak
Coretex acquires US company Air-Trak to pick up waste industry growth opportunities
Auckland, New Zealand, 10 November 2015 – Leading fleet management technology company Coretex Ltd has acquired US company, Air-Trak, a leader in telematics and mobile resource management solutions for the waste and recycling market.
Selwyn Pellett, CEO of Cortex, says that Air-Trak is a small yet strategic acquisition that advances the Coretex growth strategy of bringing best-of-class telematics solutions to multiple industry vertical markets.
“Air-Trak is a technology leader in the waste and recycling markets; this acquisition adds another high-value vertical solution to the Coretex portfolio and opens up strong new growth opportunities.”
“Air-Trak will benefit from the scale and resources in Coretex, allowing the business to better serve its existing customers and grow faster in its home market of North America. We will further accelerate growth by bringing the Air-Trak solution to the Australian and New Zealand markets – in fact we have already started to do this,” says Pellett.
Dave Gelvin, President of Air-Trak, says the entire Air-Trak team is excited about being a member of the Coretex family.
“Air-Trak will be able to take advantage of the scale and resources that Coretex offers, which is good news for our customers, who will benefit from a better resourced organisation and additional products and technologies in the future,” says Gelvin.
The Air-Trak business began trading as a Coretex company on Tuesday 3 November (NZT) after Coretex completed the asset-based acquisition of Air-Trak. The acquisition follows the recent $6 million investment in Coretex by the Milford Active Growth Fund.