South Africa’s Cartrack is growing faster than Mix Telematics, indicating that the company is gaining market share over its arch-rival.
As of 24 August 2018, Cartrack added 180, 000 new users on its platform, pushing its total subscribers to more than 845, 000.
In May, Mix reported that it added 12, 000 new subscribers for the fourth quarter fiscal 2018.
This pushed Mix total subscribers to 676, 000.
On Friday, JSE-listed Cartrack disclosed that a record subscriber growth in excess of 180 000 net additions was achieved in the last 12 months versus 115 562 net additions in the prior 12-month period, representing an increase of 56% year-on-year.
“These results are the product of investment in operating and distribution capacity, which has allowed Cartrack to meet the demand for its technology offering,” the company informed investors.
Cartrack currently has a presence in 24 countries which span Africa, the Middle East, Europe, Asia Pacific, and the USA.
The company valued at R4.6 billion on the JSE has seen its shares dropped 8% in the past 30 days and climbed 14% in the past year, while MiX with a R5.7 billion market capitalisation has seen its shares rose 13% in the past 90 days and soar 214% in the past three years.
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.