Hot on the heels of a major funding round in March, fast-moving Latvian firm Mapon makes its first acquisition since raising three million euros—Lithuania’s Trackon.
Riga-founded Mapon, one of Northern Europe’s leading fleet management solution providers, which in March secured three million euros in funding through a bond issuance that attracted both private and institutional investors, last week strengthened its market position in neighbouring Lithuania by acquiring local fleet management solutions firm Trackon.
As a result of the transaction, Mapon significantly expands its customer portfolio and establishes itself as one of the industry leaders in the Baltics.
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Both Mapon and Trackon offer fleet management and GPS tracking solutions for businesses, helping to ensure efficient resource management and fuel control, as well as improving road safety and promoting sustainable corporate governance.
The company expects the deal—which will see Trackon become Mapon Lithuania—to bring combined turnover on the Lithuanian market close to one million euros and provide services for over 40,000 vehicles.
“We have known Trackon since 2011, as it was our very first export partner,” says Mapon CEO Andris Dzudzilo. “This is not just a client portfolio acquisition deal; it is a strategic step to onboard a strong team that fully understands the neighbouring market, which will help strengthen our position in the Baltics.”
Dzudzilo adds that Mapon has acquired companies and opened branches in Denmark and Finland, and has a branch in Barcelona. As a result, the Mapon team in Latvia, Estonia, Lithuania, Finland, Denmark, and Spain can provide daily support to clients and partners worldwide.
“We have been working with Mapon for over ten years, and now, we have decided to combine the strengths of both companies to provide even better services to our clients. Mapon has established itself as an experienced and knowledgeable industry player. The addition of the Trackon team will expand its expertise in the Lithuanian market, strengthening and ensuring the best service quality and support to customers not only in the Baltics but all over the world,” adds Trackon founder and CEO Virmantas Uzpalis.
Baltic acquisitions
Mapon has already carried out five similar acquisition deals to expand the company’s market share in Northern Europe.
In 2021, Mapon acquired the client portfolio of its Lithuanian partner TrackingMap, and last year in June, the company acquired 100 per cent of the shares and extensive client portfolio of the Estonian company CarCops.
Mapon is a Draugiem Group company, a group that also includes well-known Latvian tech firms Prinftul and DeskTime. Mapon is currently used by over 30,000 customers and has a vast network of partners across six continents.
Customers have tracked more than 30 billion kilometres of journeys using Mapon solutions. Currently, the firm employs 180 people.
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