JSE-listed Cartrack has passed the one-million subscriber mark, as a result of its rapid expansion beyond Southern Africa into Europe and Asia-Pacific.
In a statement on Tuesday, Cartrack Global CEO Zak Calisto confirmed that there were few global competitors of its size and even fewer which were as profitable.
“We have, once again, set ourselves sustainable growth targets and achieving this remarkable milestone indicates that we are on track to meet them for this financial year.”
Calisto noted that Cartrack continued to penetrate the market in the 23 countries in which it operates.
“Our culture of innovation and entrepreneurship drives us to continuously improve our multitude of solutions and to explore new ways to grow our service offering and expand our customer base,” he added, noting that Cartrack’s growth was largely as a result of significant demand from both businesses and consumers globally.
Further, the company continues to drive innovation through interaction with customers and strategic research activities.
Cartrack’s research and development centre in Singapore is delivering next-generation platforms and is focused on expanding its contribution to smart transportation and the Internet of Things (IoT).
Calisto stated that the company’s future prospects “remain bright”.
“We are part of the tremendous growth taking place in the IoT industry. Our rapid growth is testament to the value that our Software-as-a-Service solutions provides to customers around the world. Markets are still underpenetrated and we see significant growth ahead, both in South Africa and abroad.”
The business marks its 15-year anniversary this year.