Mapon secures €3M bond issuance for fleet management solutions

The long-term bonds fuel Mapon's growth and potential acquisition opportunities.
Mapon secures €3M bond issuance for fleet management solutions

Mapon, a company specialising in fleet management and asset tracking solutions, secured €3 million in funding today through a bond issuance that attracted both private and institutional investors.

Mapon's platform includes GPS tracking, fuel control, route planning, temperature monitoring, security, tachograph data management, digital vehicle inspections, asset tracking, IoT, video telematics and other solutions.

Over 30,000 customers use Mapon, which has a vast network of partners across six continents. Customers have tracked more than 30 billion kilometres using Mapon solutions. 

The company was founded in Riga and aims to maintain its annual growth rate of nearly 30 per cent, which it has achieved over the past five years, constantly beating the market.

According to unaudited data, the company's turnover reached €17.3 million in 2023.

This year, it is estimated to exceed €22 million.

Over the past seven years, Mapon has successfully acquired companies and client portfolios in Estonia, Finland, Lithuania, and Denmark, becoming one of the industry leaders both in the Baltics and Northern Europe.

According to Andris Dzudzilo, co-CEO of Mapon: 

"We'll use the funds raised in the bond issue to make similar deals. I'm certain that this opportunity will further strengthen our position in our current markets and allow us to invest in opening new branches in Europe."

Edmunds Antufjevs, Managing Director of Investment Banking at Signet Bank, shared:

"We're excited that an ambitious local company is expanding its operations and making acquisitions outside of Latvia, financed by capital market instruments. 

The IT industry is vital to the Latvian economy, and we're happy to see that local IT companies choose to issue bonds to expand their growth. 

The best indicator of Mapon's financial stability and professional management team is the demand from investors, which exceeded the bonds offered almost three times."

The bonds will be listed on the Nasdaq Riga First North multilateral trading facility within a year.

The long-term bonds provide Mapon with additional working capital to expand its business further and react quickly to potential acquisition opportunities.

Lead image: Mapon. Photo: uncredited.

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