Orcoda, a transport logistics optimization and infrastructure services company, announced it has entered into a Share Purchase Agreement to purchase 100% of the shares in Future Fleet International. Future Fleet, established in 2003 and based in Brisbane, is a provider and innovator of advanced fleet management systems, including telematics, asset tracking, AI-powered driver fatigue & distraction detection technology and cold chain logistics assurance services. It currently manages more than 6,400 vehicles in transport, mining, services, government, farming and private sectors.
In 2022, Future Fleet achieved revenue of $3.5 million and EBITDA of $0.5m with a substantial recurring income base derived from monthly subscription fees. The total purchase price for the acquisition is $1,390,000 plus stock (inventory) at value.
Upon completing the Acquisition, Future Fleet’s current owners will hold approximately 1.2% of the Company’s enlarged share capital. The consideration shares will be escrowed for 12 months from the issuance date. Orcoda intends to fund the cash components of the purchase price from its existing cash reserves without new equity or debt financings.
