Shorooq and Emirates Growth Fund (EGF) have made a growth investment in Fleet Management Systems International (FMSi), a regional provider of fleet management technology.
Shorooq led and structured the transaction through its private equity strategy, alongside co-investors. The deal is the first investment partnership between Shorooq and EGF.
FMSi plans to use the investment to expand organically and build a regional platform through acquisitions. The investors will work with the company’s founder and management team on governance, operational support and sector expertise, according to the announcement.
Founded in 2003, FMSi offers fleet management tools through its FMSiTrack platform, including in-vehicle monitoring, AI-powered video telematics, fatigue and distraction detection, fuel control and journey management.
The company serves more than 1,000 enterprise customers across the energy, construction, logistics, transportation and consumer sectors. It has offices in the UAE, Oman and Saudi Arabia.
FMSi CEO Wassim Mourad said the company will continue pursuing organic growth while looking for businesses that could join its platform through mergers and acquisitions. The investment comes as fleet safety and management requirements continue to tighten across Gulf markets.
Source: EntArabi
