Karooooo, the Nasdaq-listed mobility software company that owns South Africa’s Cartrack Holdings, has acquired digital logistics specialist Picup in a R70-million deal.
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Cartrack, whose shares more than doubled in value in 2020, plans to delist from the JSE and file for an initial public offering on the Nasdaq, the company announced on Thursday.
Cartrack believes it is in a good position to weather the Covid-19 storm provided it does not go on indefinitely, and is still planning a huge investment in Europe.
JSE-listed vehicle telematics company Cartrack has delivered a strong set of financial results for the six months ended 31 August 2019, reaching a million subscribers for the first time.