Abax announced the acquisition of Automile.

Abax, an Oslo, Norway-based developer of vehicle monitoring software, announced that it entered into an agreement for acquiring the Swedish provider of telematics and IoT solutions Automile.

The financial details of the transaction remained undisclosed.

The two parties will form a leading Nordic SaaS company providing telematics and IoT services with over 350,000 subscriptions in Europe and the USA. The acquisition is expected to be completed by the end of October 2020.

Automile, founded in 2013 by Jens Nylander (CEO), Hervé Soursou, Jacob Pontén and Felix Rosén, developed a mobile-first, design-first fleet and field service management solution in use by over 10,000 companies and 87,000 subscribers.

The company offers fleet tracking, logging, fleet management and activity tracking services to small and medium-sized businesses based in Sweden, Norway, the rest of Europe and the USA and which generated sales of about SEK 200M ($20M) in 2019.

Automile raised almost $50M in capital investment from investors including Insight Ventures, Dawn Capital, Point Nine Capital and Salesforce Ventures.

Abax, led by CEO Morten Strand, is one of Europe's fastest growing companies in the telematics industry, and a major player in the sale and development of electronic driving books for vocational and private cars. The company made about SEK 600M ($60M) in 2019 and is owned by Investcorp, a Bahrain-based private equity investment firm which acquired it in 2017.