Autofleet Announces Definitive Agreement to be Acquired by Element Fleet Management

Tel-Aviv – (August 14, 2024) – Autofleet, an innovator in fleet and mobility solutions, is pleased to announce that it has entered into a definitive agreement to be acquired by Element Fleet Management Corp. (TSX: EFN), the largest publicly traded, pure-play automotive fleet manager in the world. This strategic acquisition positions Autofleet to leverage Element's extensive global resources while continuing to spearhead innovation within the mobility industry.

“This partnership represents a powerful alignment of two companies with shared aspirations and cultures, and enables us to leverage Element’s commercial organization and leadership to accelerate new growth areas for the business,” stated Kobi Eisenberg, Chief Executive Officer of Autofleet. “We are incredibly proud to join forces with Element, a company that shares our commitment to advancing intelligent solutions within the fleet and mobility industries.”

Founded in 2018 by Kobi Eisenberg and Dor Shay, Autofleet boasts a skilled team of 70 professionals including developers, engineers, and data scientists. Together with their team, they created a robust and highly scalable digital technology platform alongside optimized mobility solutions tailored for the fleet industry.

“Having previously worked with Autofleet and witnessed the common culture, commitment to clients, and focus on delivering impactful results that our two companies share, we are thrilled to welcome them to the Element organization as an integral part of our business,” commented Laura Dottori-Attanasio, President and Chief Executive Officer for Element. “We are confident their expertise will enable us to fast-track the modernization of our digital capabilities, enhance our ability to scale our core business more quickly, and ultimately deliver increased value to our clients and shareholders. Together, we will Move the world through intelligent mobility.”

Autofleet will continue to operate independently post-acquisition, allowing the team to focus on developing innovative solutions that meet the evolving needs of fleets across a variety of industries.

“Our Autofleet journey started with a vision to empower fleet owners with advanced technology to optimize fleet operations,“ added Dor Shay, Chief Technical Officer and co-founder of Autofleet. “This acquisition reflects our success in building a world-class optimization platform, and will allow us to continue to deepen our innovation and service offerings.”

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About Autofleet

Autofleet is the leading optimization platform for fleets and mobility operators. Its AI-powered platform streamlines and automates operations across industries, maximizing efficiency and customer experience. Autofleet’s turn-key solution helps businesses launch, manage, and scale sustainable fleet operations globally, serving over 20 countries across 5 continents. Learn more at autofleet.io

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About Element Fleet Management

Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world, providing the full range of fleet services and solutions to a growing base of loyal, world-class clients – corporations, governments, and not-for-profits – across North America, Australia, and New Zealand. Element’s services address every aspect of clients’ fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating EVs and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce fleet operating costs and improve productivity and performance. For more information, visit elementfleet.com/investor-relations. 

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Contact: 

Sima Megrel Shubzak

VP, Global Marketing

sima@autofleet.io