Norwegian Telematics Provider ABAX Enters Germany

The Norwegian telematics company ABAX announced that it is entering the  German market and has opened an office in Berlin.

According to Petter Quinsgaard, CEO ABAX Group, “We are looking forward to our strategic entry into the German market. Like the rest of our countries the German market expects solid technical solutions which makes it easier to manage your business projects for those working in the field in addition to the administration of your vehicle fleets.”

The opportunity is big: 3.2 million commercial vehicles represent the potential in one of the most attractive automotive markets in the world. With a market penetration rate of moderate 15 percent it still remains a significantly young and untapped market when it comes to aftermarket telematics solutions. The company in  in Europe reports that it currently has a portfolio of more than 200,000 subscriptions.

The solutions provider has experienced significant growth rates above 30 percent in the last five consecutive years. In June 2017, ABAX was acquired by the investment bank Investcorp for 1.8 billion NOK. Germany will be the first new market after the acquisition.

Category: General Update, News