August 9th, 2013 marked a grand day both for MiX Telematics as well as for South Africa for it was on this day that this home-grown South African company commenced trading of its American Depositary Shares (“ADSs’), each representing 25 ordinary shares, on the New York Stock Exchange (NYSE). The ADS began trading under the symbol “MIXT’ writes Patrick O’Leary.
In honour of the occasion, MiX Telematics’ CEO and director Stefan Joselowitz, joined by members of the company’s management team, was given the privilege of ringing the NYSE closing bell. It may have been the closing bell to the day’s trading on the NYSE but for MiX Telematics, it signified the opening of a new chapter in the company’s future.
It was a momentous occasion and readers can view it below.
MiX Telematics is well known in South Africa as a provider of fleet and mobile asset management solutions. What is not as well known is that the company delivers similar services on a global basis to customers in 112 countries around the world.
Founded in 1996, the company’s products and services provide fleets and consumers with solutions for safety, efficiency and security. It has offices in South Africa, the United Kingdom, the United States, Uganda, Brazil, Australia and the United Arab Emirates as well as a network of more than 130 fleet partners worldwide.
MiX Telematics shares are publicly traded on the Johannesburg Stock Exchange (JSE: MIX) and now , from August 9th – on the New York Stock Exchange (NYSE: MIXT).
I must say that having known Stefan Joselowitz from the start-up days of the company , when it was known as Matrix Vehicle Tracking – and watched the company grow over the years both locally and internationally, I got a bit of a shiver down the spine when I watched the bell closing ceremony.
Yes, this was a momentous occasion for the company but so too for South Africa. It is not widely recognised but FleetWatch can state as a categorical fact that South Africa led the world in the field of vehicle tracking, recovery and fleet management systems and MiX Telematics, in its early development years, was one of the companies that pioneered many of the products and systems that are today taken for granted.
In my opinion, the listing on the NYSE stands as tribute and testimony to South Africa’s sterling efforts in this field and MiX Telematics can stand tall and proud as having placed South African technology and innovation on a global platform of strength. We pay tribute to it for doing so.
Although FleetWatch has been in touch with Joselowitz, due to US/SEC regulations and process, he is unfortunately severely restricted in terms of doing media interviews during the ‘˜quiet’ period which lasts for 25 days from listing. So we’ll just have to wait to get more details behind the story.
What can be stated is that MiX Telematics intends to use the net proceeds from the offering to pursue future acquisitions and other strategic investments and for general corporate purposes. MiX Telematics will not receive any proceeds from the sale of ADSs by the selling stockholders.
FleetWatch extends its congratulations to Stefan Joselowitz and his team not only for taking the company to the NYSE but for positioning South Africa on a public and visible platform as a global leader in this field.