Israeli startup sold to Canadian fleet management company

JERUSALEM, Aug. 14 (Xinhua) — Canada-based global automotive fleet management company Element has acquired Israeli startup Autofleet, according to separate statements from both companies released Wednesday.
The two sides did not disclose the value of the deal, but leading Israeli financial websites reported it at 110 million U.S. dollars.
Founded in 2017, the Tel Aviv-headquartered Autofleet developed a cloud-based software designed to optimize vehicle fleet management for car rental and ridesharing companies, public transportation operators, and vehicle manufacturers, as well as a simulator for planning fleet operations and adjustments without requiring vehicles to be physically moved off or onto the road.
Element, headquartered in Toronto, offers services for commercial, public and government fleets, and employs over 2,700 people globally. It is traded at the Toronto Stock Exchange with a market cap of about 10.42 billion Canadian dollars (7.6 billion U.S. dollars). ■