The Czech company Eurowag buys the Hungarian company WebEye Telematics, which deals with fleet management. Eurowag announced this in a press release.
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Eurowag will pay EUR 38.5 million for the company in the first phase, and will pay a maximum of EUR 55.9 million for the company within three years. In terms, it is about 2.3 billion crowns.
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WebEye in Europe operates between 57,000 trucks in the Central European region. As of December last year, the company’s revenues amounted to EUR 16.5 million and EBITDA to EUR 4.3 million. The deal is expected to close in the first quarter of next year, pending approval by the authorities in Hungary and Romania.
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The new solutions will make it possible to reduce the number of empty truck journeys and increase road safety.
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Je I am pleased to announce the acquisition of WebEye, which is in line with our strategy, which began with our entry into (London, note red.) stock exchange. Our goal is to reduce the environmental impact of the trucking industry. The new solutions will make it possible to reduce the number of empty truck journeys and increase road safety, as fleet managers will have an overview of the condition of their vehicles, “said Martin Vohánka, the founder of Eurowag, in a press release. WebEye will be headed by Pál Németh, who will oversee the integration with Eurowag.
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Eurowag was founded in 1995 under the name WAG by Martin Vohánka. Today, it is a Europe-wide integrated payment and mobility platform for commercial road transport. Last year, it made a profit before interest, taxes, depreciation and amortization (EBITDA) of approximately CZK 1.45 billion. This was an increase of 22 percent over the previous year. Net sales reached CZK 3.2 billion and a profit margin of 46 percent.
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Prior to the company’s listing on the Eurowag, founder Martin Vohánka had a 59.1 percent stake, and another 32.67 percent was held by private equity firm TA Associates at the end of last year.
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