A New Zealand company with North American headquarters in the Portland metro completed a $107 million deal designed to help grow its base in North America.
EROAD (NZX/ASX: ERD) has an office of 30 people in Tualatin. It closed 2020 by acquiring Coretex Limited, a company with offices in New Zealand and Australia.
Both companies work in the fleet management space. EROAD provides technology that helps customers' commercial fleets with compliance, risk reduction and operational costs. In Cortex it acquired a platform for 60,000 connected vehicles in the construction, fleet and waste and recycling industries.
EROAD, which landed in Oregon in 2014, has done well in North America.
“Coretex excels in thinking through the needs of the customer within the frame of the supply chain by taking an end-to-end vertical industry approach,” said Casey Ellis, president of EROAD North America, in a written statement. “Balance this against integration of their next generation hardware into EROAD’s broad regulatory product suite and it creates an advanced market fit. We’re also identifying a new set of short- and long-term strategic goals with an immediate upside for faster growth, particularly in the North American market.”
