KSA-based Fastcoo, a SaaS company specialized in logistics for both delivery and fulfillment, and Tracking, a GPS tracking system also based in the Kingdom, have confirmed the official close of a mutual acquisition agreement for 2.7M Saudi riyals ($720K). The acquisition, whereby both companies have acquired shares from the other, will provide technical solutions to the logistics sector based on the Internet of Things and aims to localize the IoT industry in Saudi Arabia.
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Fastcoo offers software for businesses in the logistics and supply chain field that need to optimize, automate, utilize and prioritize their processes for their warehouse, fleet management, fulfillment centers, and/or delivery companies. The software is a cloud-based system that is easy to retrieve is backed up continuously. Fastcoo provides a monthly subscription fee for users and has a presence in more than 9 countries in the MENA region.
Founding Partner of Fastcoo, Mr. Hassan Jabarti, stated that the provision of technical transformation for delivery and freight by localizing technology and tracking systems will achieve an important impact on the Kingdom's Vision 2030.
Tracking is a company licensed by the Ministry of Communications and Information Technology and certified by the Transport General Authority. It delivers the real-time location of each and every vehicle in a companies entire fleet. Alongside this, the devices that are integrated with its systems can ensure tracking of any object, the Tracking website states. This also incudes the tracking of children or even pets.
Tracking Co-Founder and Chairman, Mr. Ali Al-Rajhi commented, “We are looking forward to attracting international expertise and technologies to the Saudi market, and exporting local technology through the production of the first vehicle tracking devices in Saudi Arabia."
The acquisition agreement was signed at the headquarters of InspireU by STC, the incubator of Fastcoo. The acquisition will provide an integrated technology solution that will link transportation companies, the Transport General Authority, and refrigerated vehicles specialized in transporting medicines and food with the Saudi Food and Drug Authority.
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