Major Product Update but Cautious Growth outlook for MiX
Global provider of fleet and asset management solutions MiX Telematics announced a major update to its MiX Vision, in-cab video product in October but then downgraded its growth outlook as it ramped up marketing.
MiX Vision delivers driver- and road-facing footage for fleet managers to conveniently obtain an accurate view of their fleet operations.
MiX now includes live streaming
Existing customers can now subscribe to a live streaming feature, which allows users to stream up to eight cameras simultaneously. Additionally, they can opt for a high-definition (HD 1920 x 1088 resolution) version equipped with an LTE modem (high-speed wireless technology).
Founded in 1996 and operating in Africa, South America, Europe and the Middle East, MiX Telematics’ shares are publicly traded on the Johannesburg Stock Exchange. Earlier this month (November 2019), the company shared an announcement lowering its growth outlook to March 2020.
Although it still expects double-digit subscriber revenue growth, the company revised forecasts after spending more on sales and marketing.
Mixed fortunes for MiX
MiX, which has over 766,000 subscribers in 120 countries and 130 fleet partners worldwide, had prior reported subscription revenue growth of 14.3% (to R926m/Euro 56m) in the six months to the end of September but has revised that figure down to between 11.4% and 12.3% for the full year.
In a report, CEO Stefan Joselowitz said: “Our revised guidance reflects some caution around macro issues, which are resulting in elongated sales cycles in certain verticals, as well as strategic investments in sales and marketing.”
Subscriber base growth still strong
Good news for the company, however, came in the form of an announcement that Belgium’s national postal service Bpost (already a MiX customer) had expanded their current base with MiX in Europe to 1,670 vehicles. A further 470 vehicles in Bpost’s logistics division will be fitted with MiX Telematics’ solution.