Coretex

Market position

Coretex describes itself as a leader in Active Fleet Management; its co-founder states the company became the second largest provider of telematics solutions to the refrigerated transportation segment in North America and that its construction supply solutions were a dominant force in Australia and New Zealand. EROAD acquired Coretex to strengthen its position in North American in-vehicle management and trailer telematics and to enter construction, mixed fleet and waste and recycling verticals.

Vertically specialized, enterprise-grade telematics with an end-to-end supply-chain view, combining regulatory compliance products (ELD, FSMA cold chain, fuel tax, electronic road user charges) with industry-specific hardware such as cold chain gateways, reefer monitoring and RFID proof of service across construction, ready-mix, refrigerated transport and waste fleets.

Technology

Cloud-based visualization and analytics software (Coretex 360 Active Telematics platform) fed by proprietary in-vehicle sensors and gateways, including the CoreHub Xtreme Cold Chain gateway, RFID readers for proof of service, reefer temperature sensors, and in-cab compliance devices for electronic driver logs, DVIR, fuel tax reporting and electronic road user charges. The company's website cites collection of roughly 1 billion data points monthly.

Go-to-market

Direct sales supported by a distributor network in North America established after the company launched US operations in 2006, with vertical-specific solution packaging by industry and marketing through its blog, industry events and its own ELD and cold chain product lines. Coretex-branded events were folded into EROAD activity such as EROAD Fleet Day.

Commercial fleet operators and carriers, including refrigerated transport of food and beverages, construction and ready-mix concrete fleets, waste and recycling operators, transport and logistics companies, and mixed fleets, spanning both corporate and SMB customers.

Geography

Operations across New Zealand, Australia, North America and Asia, with offices cited in Auckland, New Jersey, San Diego, Melbourne, Sydney and Singapore; US operations were launched in 2006.

History

Co-founded by Craig Marris, who moved to the United States in 2006 to launch North American operations. The company introduced an in-cab compliance solution in 2009 covering electronic driver logs, driver vehicle inspection reporting and electronic fuel tax reporting. In 2015 it expanded beyond eRUC, refrigerated monitoring and in-cab compliance into construction and ready-mix telematics, and acquired Air Trak to add waste and recycling capability. In August 2017 it raised $6 million led by the Milford Private Equity Fund II to fund North American growth. EROAD agreed to acquire the company and completed the purchase of 100% of Coretex Limited effective 1 December 2021, after New Zealand Commerce Commission clearance on 17 November 2021.

Risks & controversies

The acquisition required New Zealand Commerce Commission clearance, granted on 17 November 2021, and NZ$30.6 million of the purchase price was contingent consideration payable in FY23 subject to Coretex achieving certain performance milestones.