Following the completion of its 100% acquisition of Coretex Ltd, EROAD is pleased to announce that from 20 December, it will be part of the NZX 50 index.
The NZX 50 is an index of the top 50 most valuable listed companies in New Zealand, and is widely considered New Zealand's preeminent benchmark index. EROAD is entering the NZX 50 at number 45.
CEO Steven Newman said "This is an incredible achievement for our teams. We've always said that the acquisition of Coretex would be transformational and this is only the beginning."
Both EROAD and Coretex are home grown NZ tech start-ups which have enjoyed sustained success on the global telematics stage. "The fact that both businesses have been focused on the same international markets but have matured with complementary strengths is incredible" Newman says.
EROAD has achieved significant growth over the last 7 years since it first listed on the NZX in 2014. It also listed on the ASX in 2020 to attract further investment and continue delivering on its growth strategy.
The acquisition of Coretex which is now complete, is one of the biggest made by any tech company listed on the NZX. "We have the potential to be an iconic NZ company. The real winner is NZ tech. We see so many NZ tech start-ups being acquired by international players and jobs going offshore once they reach a certain size. It feels great to be able to reverse that trend for once and lead industry disruption from this end of the world".
EROAD will appear on the NZX 50 Index when markets open on 20 December.
EROAD Limited published this content on 13 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 December 2021 00:05:06 UTC.