Mapon strengthens its market leader position in the Baltics by acquiring Lithuanian Trackon

  • 2024-06-03

Mapon, one of Northern Europe's leading fleet management solution providers, has strengthened its market position in Lithuania by acquiring 100% of the shares of the local fleet management solutions company Trackon Fleet Management UAB. As a result of this transaction, Mapon has significantly expanded its customer portfolio and established its position as one of the industry leaders in the Baltics.

Both Mapon and Trackon offer fleet management and GPS tracking solutions for businesses, helping to ensure efficient resource management and fuel control, as well as improving road safety and promoting sustainable corporate governance. The company expects this deal to bring their combined turnover in the Lithuanian market close to 1 million euros and provide services for over 40,000 vehicles. As a result of this deal, Trackon Fleet Management UAB will become Mapon Lithuania.

“We have known Trackon since 2011, as it was our very first export partner. This is not just a client portfolio acquisition deal; it is a strategic step to onboard a strong team that fully understands the neighboring market, which will help strengthen our position in the Baltics,” says Mapon CEO Andris Dzudzilo. He adds that Mapon has acquired companies and opened branches in Denmark and Finland, and has a branch in Barcelona. As a result, the Mapon team in Latvia, Estonia, Lithuania, Finland, Denmark, and Spain can provide daily support to clients and partners worldwide.

"We have been working with Mapon for over ten years, and now, we have decided to combine the strengths of both companies to provide even better services to our clients. Mapon has established itself as an experienced and knowledgeable industry player. The addition of the Trackon team will expand its expertise in the Lithuanian market, strengthening and ensuring the best service quality and support to customers not only in the Baltics but all over the world," adds Trackon founder and CEO Virmantas Uzpalis.

Mapon has already carried out five similar acquisition deals to expand the company's market share in Northern Europe. In 2021, Mapon acquired the client portfolio of its Lithuanian partner TrackingMap, and last year in June, the company acquired 100% of the shares and extensive client portfolio of the Estonian company CarCops. Additionally, in March of this year, Mapon attracted both private and institutional investors, who have invested 3 million euros in the company's bonds to finance acquisition deals, and the acquisition of Trackon will allow Mapon to consolidate the Lithuanian market and strengthen its leading position in the Baltics.

About Mapon
Mapon, a Draugiem Group company, is one of Northern Europe's leading fleet management and asset-tracking solution providers. Mapon is used by over 30,000 customers and has a vast network of partners across six continents. Customers have tracked more than 30 billion kilometers using Mapon solutions. Currently, the company employs 180 people.