Karooooo acquires a 70.1% stake in Picup Technologies for R70-million (US$4.9-million)

Karooooo, the Nasdaq-listed mobility software company, has acquired 70.1% stake in Picup Technologies for R70-million (US$4.9-million), a digital logistics startup that was established in South Africa in 2014 by Antonio Bruni. Picup Technologies improves efficiencies and reduces transportation costs for shippers and transporters through a single logistics platform connected to a marketplace of verified crowd-sourced drivers across Africa. Picup has delivered over 5.2-million parcels and has 3,500 active customers across Africa. Antonio Bruni and the management team will remain invested with a 29.9% stake.

Karooooo Ltd is headquartered in Singapore and is a leading global mobility SaaS platform that maximizes the value of automotive and workflow data by providing real-time data analytics solutions for smart transportation to over 1.3-million connected vehicles. Cartrack (based in South Africa) is wholly owned by Karooooo, provides customers with differentiated insights and data analytics to optimize their business and workforce, increase efficiency, decrease costs, improve safety, monitor environmental impact, assist with regulatory compliance and manage risk. Karooooo serves over 1.4-million subscribers and processes over 58-billion data points a month.

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