PowerFleet Reaches 3,000 Industrial Segment Customers, Fueling 12 Percent Revenue Growth in the First Half of the Year from the US Industrial Market

Milestone achievement underscored by innovation and commitment to customers’ need to increase safety and reduce costs

WOODCLIFF LAKE, N.J., Aug. 30, 2022 (GLOBE NEWSWIRE) -- PowerFleet, Inc. (Nasdaq: PWFL), a global leader of Internet-of-Things (IoT) solutions that manage enterprise assets for seamless business operations, today announced that it has crossed the threshold of 3,000 industrial segment customers and grew its revenue by 12 percent in the US industrial market for the first half of 2022, compared to the prior year period. The milestone cements PowerFleet’s position as the market leader in the Industrial telemetry segment of the IoT market and is an indicator that the industry is increasingly seeking enterprise technology solutions to drive improved safety and productivity across business operations. PowerFleet is also expanding at pace its Industrial solution capabilities for launch into Latin America, Israel and the Middle East, as well as developing further into Europe.

“This milestone represents tens of thousands of workers that we’re working to keep safe and help mitigate risk in the workplace,” said Patrick Maley, Chief Revenue Officer, PowerFleet. “Businesses that work with PowerFleet quickly see the return-on-investment of the partnership through our ability to lower operating costs while improving productivity, safety and security. As the industry changes in response to continued challenges, our technology plays a crucial role in modernizing our customers’ software in support of their digital transformations. We look forward to further accelerating the innovation of our software and data solutions.”

Transportation and warehousing have the second-largest rate of preventable fatal work injuries of any sector—ahead of mining and construction. Earlier this year, PowerFleet launched its Pedestrian and Vehicle Warning System to help prevent accidents and protect pedestrians, goods, and facilities. Alongside its increase in new customers, PowerFleet is also expanding and renewing business with some of its long-time customers such as Jungheinrich, Toyota, Ford, and Nestle.

“Warehouses and manufacturing facilities are crucial links in the supply chain and are becoming increasingly complex workplaces where machines and people are working alongside each other in a fast-paced environment,” said Jim Zeitunian, Chief Technology Officer, PowerFleet. “We’ve been focused on how data can help our customers improve safety operations and lower risks in material handling facilities while balancing increased demand and workforce shortages. We are excited by the momentum and market acceptance of our latest products for pedestrian safety further driving our success as a best-in-class solution provider utilizing artificial intelligence and edge computing.”