South Africa’s Cartrack continues to grow at a rapid pace, announced on Wednesday that it has now reached a new milestone of 700 000 users.
This makes Cartrack bigger than Mix which at 31 March 2017 added more than 55,800 new subscribers bringing the total to over 622,000, reflecting an increase of 10% year over year.
The company was the first to market with a R150 000 recovery warranty, adding extra value to the consumer.
“This robust subscriber growth was driven by a dedicated workforce focusing on consistent customer engagement and the ability to better meet demand for the Cartrack technology,” the tracking company informed investors on Wednesday.
In South Africa, Cartrack’s collaborative alliance of many years with MAN Truck and Bus in South Africa (MBT-SA) for the on-production-line installation of units was strengthened with the release of the MBT-SA customized telematics solution, available to all MBT-SA clients.
Cartrack currently has a presence in 24 countries which span Africa, the Middle East, Europe, Asia Pacific, and the USA.
The company valued at R5.2 billion on the JSE has seen its shares climbed 24% in the past 30 days and 65% in the past year, while MiX with a R3.7 billion market capitalisation has seen its shares rose 21% in the past 30 days and soar 95% in the past year.
MiX has offices in Australia, Brazil, South Africa, Uganda, the United Arab Emirates, the UK, and the US. Thousands of South African customers rely on its stolen-vehicle recovery service, Matrix Vehicle Tracking.
The small-cap company that listed on the JSE as recently as 2007 is making rapid inroads into several export markets.
It services customers in 120 countries and has an advantage of operating across six continents. It also has a network of more than 130 fleet partners globally.
It was established in 1996 in South Africa, two years after the first democratic election. In 2007, its shares floated on the JSE.