Telematics service provider Cybit Holdings Plc has broken into Europe and extended its product range with the acquisition for an undisclosed sum of Danderyd, Sweden-based Drive-IT Systems AB.
What tempted Cybit into the deal is a belief in the potential of Drive-It’s applications for vehicle management and car-sharing systems. The Swedish company claims that the market for its applications will be worth 5bn euros ($5.05bn) by 2009.
It predicts that over 2.8 million vehicles will be in car pools by 2009 and will need sophisticated software to manage their use. Godmanchester, UK-based Cybit believes that Drive-IT’s network will enable it to market its own services in Europe.