Melbourne-based Mobile Technologies International (MTI) has been acquired by digital payments firm Cabcharge for $6.6 million.
MTI provides SaaS automotive dispatch and booking technology for taxis in Australia, New Zealand, North America and Europe, and is also the owner and operator of UK-based Mantax Taxis, a network of cabs in Manchester, England.
Cabcharge said the acquisition would fast-track the creation of dispatch and payment tools for the taxi industry, while also expanding its customer reach.
“This collaboration of technology and experience will be a win for Cabcharge’s customers and a win for MTI’s Taxi industry customers. Working directly with our core dispatch and bookings technology enables us to improve the service experience for a number of key stakeholders,” Cabcharge chief executive Andrew Skelton said.
“The transaction signals growing confidence in our ability to build and integrate technology and MTI provides an opportunity to be active and competitive on a global scale.”
MTI will retain its management structure and will operate as a subsidiary of Cabcharge, excluding MTI’s metering business. The two companies said they would invest more than $10 million into advanced Taxi dispatch and payment services.
“MTI management and staff are excited by the acquisition. Combining our resources will provide our customers with a new level of tools and innovation and strengthen MTI’s capacity to grow the business globally,” MTI chairman Matthew Bellizia said.
The transaction is expected to complete in the second half of the calendar year and is subject to confirmation from the Australian Competition and Consumer Commission.
Last year, Telstra bought the other part of MTI’s business, MTData, which provides GPS fleet management and dispatch systems for a range of industries that heavily rely on vehicles, such as transport, government departments and public services.