Saudi-Arabia based software company Fastcoo, and Tracking, a GPS tracking system, have merged in a deal valued at SAR 2.7 million ($720,000). The deal will provide technical solutions to the logistics sector, aiming at localising the internet of things (IoT) industry in the country.
Fastcoo, a SaaS (software as a service) company specialised in logistics for both delivery and fulfilment, offers software for businesses in the logistics and supply chain field that need to optimise, automate, utilise and prioritise their processes for their warehouse, fleet management, fulfilment centres, and/or delivery companies. It currently provides its services to more than nine countries across the Middle East and North Africa (Mena).
Tracking delivers the real-time location of any vehicle to track any object, even children and pets.
“The provision of technical transformation for delivery and freight by localising technology and tracking systems will achieve an important impact on the Kingdom's Vision 2030,” said Hassan Jabarti, co-founder of Fastcoo.
The merger will provide an integrated technology solution that will link transportation companies, the Transport General Authority, and refrigerated vehicles specialised in transporting medicines and food with the Saudi Food and Drug Authority.
“We are looking forward to attracting international expertise and technologies to the Saudi market, and exporting local technology through the production of the first vehicle tracking devices in Saudi Arabia,” said, Ali Al-Rajhi, co-founder and chairman of Tracking.