BOCA RATON, Fla. and BIRMINGHAM, England - MiX Telematics (JSE: MIX, NYSE: NYSE:MIXT), a prominent provider of connected fleet management solutions, has been selected by Transport for Greater Manchester (TFGM) to improve the safety, efficiency, and sustainability of its nearly 2,000-vehicle bus fleet. The partnership involves implementing MiX Telematics' SaaS solution, including in-cab driver feedback and system integration.
Jonathan Bates, Executive Vice President at MiX Telematics, expressed the company's enthusiasm about the collaboration, "We are delighted to have been selected to provide a solution that best fits Transport for Greater Manchester's needs and we are looking forward to many years of partnership."
Stephen Rhodes, Director of Bus at Transport for Greater Manchester, also commented on the partnership, stating, "We're delighted to partner with MiX Telematics, this new solution best fits our needs ensuring bus passengers continue to have safe and enjoyable journeys."
The telematics solution provided by MiX will be used to support the safety, monitoring, and improvement of driving standards across the network by both operators and TFGM.
MiX Telematics serves over 1 million subscribers in more than 120 countries. The company offers a range of products and services designed to enhance the operational efficiencies of enterprise fleets, small fleets, and consumers, focusing on safety, compliance, and security.
The information for this article is based on a press release statement from MiX Telematics.
InvestingPro Insights
As MiX Telematics (NYSE: MIXT) secures a significant partnership with Transport for Greater Manchester, the company's financial health and market performance offer additional insights for investors. According to recent data, MiX Telematics is trading at an earnings multiple of 38, suggesting investor confidence in its growth prospects. The company's commitment to shareholder returns is evident, having maintained dividend payments for 10 consecutive years, with a current dividend yield of 1.89%. This consistent return to shareholders is a testament to the company's financial stability and disciplined capital allocation.
InvestingPro Tips highlight that MiX Telematics has operated with a moderate level of debt, which is a positive sign for investors concerned about financial risk. Additionally, the company has shown strong returns, with an impressive 87.21% price total return over the last three months, indicating robust investor sentiment and potential for continued momentum.
With a market capitalization of $210.41 million and a solid gross profit margin of 61.69% for the last twelve months as of Q3 2024, MiX Telematics is positioning itself as a competitive player in the connected fleet management industry. For those interested in deeper analysis and more InvestingPro Tips, including predictions about the company's profitability this year, check out the full list of insights available at https://www.investing.com/pro/MIXT. Use coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year InvestingPro+ subscription.
Investors may also note the company's next earnings date, slated for May 23, 2024, as an opportunity to assess MiX Telematics' ongoing performance and future outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.