Element acquires Autofleet in $110 million deal
Element acquires Autofleet in $110 million deal
The Israeli startup’s turn-key solution helps businesses launch, manage, and scale sustainable fleet operations globally.
Israeli company Autofleet is being acquired by Canada’s Element Fleet Management, the largest publicly traded, pure-play automotive fleet manager in the world. The deal is valued at $110 million. Element is traded on the Toronto Stock Exchange with a market cap of over $7 billion.
Autofleet has raised $28 million to date from KeyFrame Capital, Fujitsu Ventures, The Goodyear Tire & Rubber Company, Mizmaa Ventures, Maniv Mobility, and Next Gear Ventures.
Autofleet was founded in 2018 by CEO Kobi Eisenberg and CTO Dor Shay, both former employees at Gett. The startup currently employs 70 people.
Autofleet will continue to operate independently post-acquisition and develop its 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.
“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, CEO of Autofleet.
“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 CEO 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.”
