Microlise, which is headquartered in Nottingham, has agreed to acquire a 20% stake in AIM listed Trakm8, a supplier of telematics, vehicle cameras and fleet management solutions.
As a result of the deal, Nadeem Raza, Chief Executive Officer of Microlise, will join Trakm8’s Board in a Non-Executive Director capacity. Microlise and Trakm8 will otherwise continue to operate independently of one another.
Nadeem Raza, Chief Executive Officer of Microlise, said: “Microlise has ambitious growth plans both in our home market of the UK, but also internationally. We are delighted to be able to announce our investment in Trakm8, which will see the two organisations explore exciting opportunities to collaborate.
“Whilst we both provide telematics services, Microlise and Trakm8 operate in different markets and serve different customer-bases. We believe there are synergies between our two businesses; both of which are committed to providing best-in-class products and services, and innovating through product research and development.”