MiX Signs Up 73, 800 New Users, But Still Lags Behind Cartrack

"MiX reported a very strong second quarter, highlighted by our ability to exceed expectations across all key operating metrics," said Stefan Joselowitz, CEO of MiX Telematics.

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Connected car
Connected car. logolord / Shutterstock.com

MiX Telematics revealed on Thursday that it connected 73, 800 new subscribers on its platform during the three months ended September 2018.

The global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS) informed investors that now it has more than 714, 000 subscribers, reflecting a 12% increase.

Rival Cartrack is still ahead with 849, 772 subscribers. For more read: SA’s Telematics Firm Cartrack Is Gearing Up For Growth

Mix Telematics
Mix Telematics

Mix reported on Thursday a 18.5% rise in subscription revenue to R420 million ($29.7 million) for the second quarter of the fiscal year 2018.

The group attributed subscription revenue growth to an increase in average revenue per user and rise in subscriber numbers.

Total revenue rose 20.8% to R497.7 million ($35.1 million) for the three months ended September 2018.

“MiX reported a very strong second quarter, highlighted by our ability to exceed expectations across all key operating metrics,” said Stefan Joselowitz, CEO of MiX Telematics.

“Our over 18% year over year subscription revenue growth was broad-based, driven by uptake from our premium fleet customers globally. Additionally, this is the ninth consecutive quarter of year over year adjusted EBITDA margin improvement, reaching over 30%.

“MiX remains well positioned to maintain the momentum for the second half of fiscal 2019 and beyond given the strong and growing pipeline of opportunities worldwide.”

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.

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.

The company is South Africa’s biggest firm by the market value of R5.2 billion compared to the market cap of Cartrack, which is sitting at R4.2 billion. But Cartrack is the biggest-listed telematics firm in the country in terms of subscriber numbers.

However, Tracker remains the biggest telematics firm in the country. Unlisted Tracker was established in 1996 and currently connects over 1 million vehicles, making it the region’s dominant brand.

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