I think that's the first time I've ever been able to silence a room, so thank you. Welcome to everyone in the Sofitel New York to the Third Annual Powerfleet Investor Day, and thank you for all of you coming face to face, plus the many hundreds of you who are actually attending the webcast online. Plus, we also have people at the Roth Conference as well, also in New York, where this has been to an audience as well, so my name's Steve Towe. I'm the CEO of Powerfleet, and I'm very humbled and honored to share the next few hours with you. I totally understand that your time is super precious, so to come and dedicate that time to listen and understand more about the Powerfleet story and our journey means so much to myself and the leadership team. I'm going to speak very little today.
We've done a multitude of different communications around the transformation of the business. Today is very much about hearing a lot more about the substance beneath the strategy and the vision. So hearing from the combined Powerfleet, MiX and Fleet Complete leadership groups that have come together as one group, hearing from our partners and our customers as to how they use our solutions, plus seeing for yourself our solutions in action. So we're incredibly excited about the few hours to come. The agenda that you'll see on the screen there is a good mixture of internal discussions, updates on finance, updates on progress, but it's very much focused around the double-digit growth story. We really want to unpack that for you.
And I think what we've been able to do over the last two and a half years since I took hold of the company is prove out certain criteria of a successful company. One is to be able to build a leadership group capable of execution. Two is to be able to scale a business through M&A. Three is to be able to drive EBITDA expansion. In my world, in my view, the final part that we need to prove out is that we can create an accelerated growth story for the company. So we're now pivoting to that stage. And we're going to talk to you today about how we get there. And we're going to give you a lot of detail in terms of how this is a very, very solid industrial logic in terms of its strategy and our ability to execute the results that we've put forward. But to start, we're going to actually start with a video.
Across the world, today's industries are driven by one pressing need: to streamline and transform data into intelligent action. In a market of over 275 million commercial vehicles, industries all suffer from fragmented data silos, craving a single solution to unlock the power of their data. Unity is Powerfleet's differentiated answer, a powerful end-to-end AIoT data highway designed to unify operations to transform business performance across all key market drivers, keeping businesses operating safely, compliantly, and sustainably. Unity already harmonizes data from 600-plus sources, integrating data into 300-plus business systems. And it's growing all the time, creating one end-to-end view right from warehouse all the way along the road to the consumer. And we're only just getting started. In 2022, we reimagined what was possible with Powerfleet and launched Unity to bring a truly disruptive solution to a market craving a one-stop-shop solution for safety, compliance, sustainability, and efficiency.
We quickly fortified Unity with data science and AI by acquiring Movingdots. Fast forward to 2024, and we scaled with the MiX merger. Now, with Fleet Complete, we have expanded our base to 2.6 million subscribers and over 40,000 customers worldwide. Today, Unity drives towards $400 million in revenue. For our customers, Unity is transformational. It consolidates and harmonizes data from any source, transforms it into powerful intelligence, then automates and optimizes performance across every asset type, business process, and asset operator in every industry. Here's what our customers are saying.
80% reduction in collisions.
Major safety violations dropped to 0% in three years.
15% reduction in fuel burn.
60% drop in crash liability in six months after introducing AI video solution.
Unity is the unique AIoT ecosystem of the present and the future, consolidating all customer data into a harmonized, single source of truth. With our data highway, Powerfleet is positioning to lead the way into the broader $4 trillion AIoT market of the future. Unity is the key to unlock data's true potential. The journey begins here. Powerfleet, the rising star of AIoT.
Thank you. So I actually get really emotional when I watch that video. The transformation of the company over the last two and a half years has been fundamental. It's been enormous. And it's taken us on a journey that is following in the footsteps of the key market changes. I grew up man and boy in the telematics industry, as was. I had the ability to go outside of the industry into the retail tech industry. And I saw at that point in time a real transformation, true digital transformation in terms of the way that retailers were managing their customers, whether that was in physical stores or whether that was online. And the transformation of use of data and the transformation of integrating systems to allow people to be effective and to control their organizations was a seismic shift and change.
Looking at the industry that I came from in 2021, I'd seen the shift starting to happen in this industry. We have a 900-pound gorilla, Samsara, in the industry who's stolen a march on much of the rest of the competitors in the marketplace. They've pivoted very nicely in terms of making that true shift to software and to data and are getting phenomenal results and a valuation that is reflective of those phenomenal results. When I looked coming to Powerfleet, I had one ambition, and that was to create a credible alternative with differentiated and disruptive strategies to that of Samsara. That was bold. That was brave. Not many people gave me a chance of actually making it happen.
So being on the stage today to have transformed from a $100 million business in the telematics industry to now a $400 million enterprise with $300 million of recurring revenue in the AIoT industry is something that I think I could have only dreamed of getting to this outcome at that period of time. But that is just the beginning. You're going to hear from a couple of board members shortly in terms of their impressions on what we've done. I laid out two strategies. One is we needed to create the scale and the ability for us to fight at the very top tier of the industry. If you listen to my first Earnings Call in, I think it was March 2022, I said we would take a place at that top tier within three years.
But that scale is what is necessary to drive and maximize on the opportunity that is ahead in the marketplace today. We have a phenomenal TAM today. It's growing more and more, but the companies that are going to be successful are those that really are able to scale and transform to being data-centric companies. You see on this note from Forbes, executives now believe that unless they really transform the usage of data, they maximize the AI and data science play that is available to them, they will become extinct, so the race is on in order to provide those solutions, which can simplify, they can harmonize, and they can really consume data in multiple different fashions. But that simplification is a key point, so that two and a half years ago, we launched the Unity product strategy.
You're going to hear from a lot of colleagues today in terms of how we've built that solution set, how the growth vectors really play out for that solution set. Excitingly, you're going to get to see it for yourselves. Probably even more exciting than that, you're going to hear from our customers and partners about how they want to work and do work with our solution set. We are an open book and transparent organization. It's the only time in my life I've ever been described as the sizzle, not the substance. It doesn't happen to me very often. What the team have said today is ultimately, "Steve, we need to move you out of the way."
We want to really come and show our investors the capabilities at a deep level from an organizational perspective and from the way that ultimately we are driving change in the market. So that's what you're going to hear. But in terms of summary, just to start thinking about the investment opportunity and thinking about the criteria within which you can make a dynamic shift in valuation, you'll see here there are multiple different vectors that we have available to us to be able to do that. One is a very, very cherished customer base, lots of Fortune 500 customers, more than 40,000 mid-market customers, more than 8,000 enterprise customers. We have solution sets that are highly desired, that are unique in what they do and place more holistic value to drive business change. And we really are change agents across the C-suite of organizations.
So we've moved away from just selling to the fleet operators to really focus on the key business challenges that people are facing. And we've built unique propositions that allow us to do that. That is becoming more and more underpinned by AI and being powered by AI. We also have really, through the combinations that we've made, substantially increased our go-to-market positions, whether that's with direct salespeople, indirect salespeople, geographical spread, market size, market segment. So the ability for us to really grow to the levels that are already out there in the marketplace, and we're going to tell you about how the marketplace is growing, you'll see that we have those capabilities to be able to do that. So the Unity strategy is really underpinning an accelerated growth opportunity for the company.
The unique capabilities of having a data highway, which ultimately sits on top of all the heritage platforms that we have, and we're open sourcing in terms of bringing device agnosticism to play, we're harmonizing data, we're simplifying data, and then a customer can consume it in multiple different fashions is what we believe is a fundamental key part of the growth trajectory of the industry, whether that's through our own applications, whether it's through integrating into third-party systems, or whether it is actually a big data play as well, and this unique proposition really opens the doors for us to spread out in terms of the TAM that we have in the AIoT market.
If you look at this company in five to seven years' time and you think of any industry sector where you are looking to have multiple data sources, devices, sensors, OEMs, just interesting data towards a relevant organization that you can bring into that single pane of glass, you can simplify it, you can harmonize it, and then you can send it where it needs to, that is highly, highly attractive for organizations, and the simplification and the predictability through AI of those insights is what really makes that business change, and you're going to hear about how we go and do that with Unity today. Now, as I said, I've been doing this job for nearly three years.
I think from a trust and confidence perspective, those first vectors that we talked about, the M&A and the EBITDA, everybody, I think, is now buying into the fact that we have excellent capabilities to be able to do that. Cynicism still exists within the investor community. Are you taking three suboptimal growth businesses and creating a bigger suboptimal growth business? We're going to debunk that for you today. People then talk about you've done massive transformation in a short period of time. If you Google three tech companies coming together to triple scale in six months, until this point, you would have got no matches found. Our superpower, I believe, as an organization, certainly one of them, is that ability to integrate. The third question I then get asked is, how do you manage all these different cultures? How do you bring all of this together?
We have boots on the ground in six continents. Starts with a high-performance culture, starts with a very clear mission and value set. And what I think you'll see today is whether the individuals within the group came from Fleet Complete, whether they came from Powerfleet original, or they came from Mix, you'll see they're very laser-focused on what we're going to go and achieve. So, as I said, I couldn't be prouder of how we've got to this point. But this was just to give us the ability to really take the battle at the top tier of the industry. I want to now invite Michael Brodsky and Ian Jacobs, two board members that have come together in different parts of this journey, to join me on stage, if you would, gents. And I want these guys to give their perspective.
So, as I've said today, it's about different perspectives from David and myself talking about the business, but give you a full holistic view of people's view on the business. So, Mike, I think we're going to hand over to you first to talk about your history and feelings on Powerfleet.
Great. Thank you. I think he's done that. I have to say, Steve covered an awful lot of what I wanted to share. But I've been with the company for a little bit longer. I've been with Powerfleet and even its predecessor, ID Systems, for just 10 years now. Most of that 10 years was hard. Some of you have been in the name for a long time. And I appreciate your sticking with us. And those of you who are new, this is a very different company. Steve talked about two and a half years ago, three years ago, a little more. We were recruiting a new CEO, interviewed Steve, met Steve. The things that Steve covered just now are the things that we were looking for. We were looking for somebody who had a deep knowledge of telematics, but really knew software.
Because one of the problems in telematics was most telematics people are hardware guys. You had to have the vision of where the hardware could go, what you could do with it. So that was a clear requirement. Steve was, I have to say, unique in that regard. I didn't tell him at the time because I didn't want it to go to his head and make it any more expensive for us to bring him in. But he was terrific in that. The other thing, to the extent you guys, any of you were around, we had a difficult balance sheet situation. We had a preferred, which was looming large for us. And in addition to fixing the company and building the company, we needed a way out of that preferred. We were also tight on cash.
Steve knew how to help us manage out of that and needed a vision and a plan for growth. Steve was as provocative then as he is today. He told me he knew exactly where to go, what to do. I was hopeful. He said he was going to build a billion-dollar company. I was hopeful. He said we'd be a top player in the space. I was hopeful. Then he gave me a little taste of Unity. I had no idea what a big opportunity it was at the time. I said, "This guy's terrific." I will say it wasn't easy. Coming back to the cash situation, he did a deal that I actually thought he was making up, that we could buy a company and they could pay us $8 million to buy it. It seemed like a joke, a good joke.
Somehow, Steve pulled that off. That was the MovingDots acquisition. We then did the transformational deal with MiX Telematics, expanded our global footprint, really got us to build some scale. It solved our problem with our preferred. We had great partners with incredibly complementary technology. I don't think any of us imagined that in the same year of doing the MiX deal, we would also buy Fleet Complete. The opportunity arose. The opportunity was clear to Steve, to the board, of how important it was, again, for scale and geographic diversity. Steve accomplished that goal of getting us to be a top player in the telematics space. One of the things that I've been continually impressed with Steve and the team is his ability to set expectations and meet them. He sets expectations with investors and analysts, with the board.
I have to say I've seen and been involved in a lot of M&A. Usually, when you do big deals, it's very hard to manage the company at the same time and meet expectations, and in addition to doing spectacular deals, we continue to do that. I took a look at my screen this morning, and a year ago, the stock was $2.30. I'll choose yesterday's closing price at $6.50 and say, "Holy cow." A year ago, we did $130 million in revenue, and I've cleared this with David. Next year, we're going to do $130 million in EBITDA. That's pretty good. That's pretty good. We have an incredible team. We're great at putting a team together, at taking costs out and synergies. The big thing, the thing I'm most excited about, is where we're going to go from here with Unity, with growth, with the global footprint.
And the folks we have, in addition to Steve. I'm just blown away with every day. And so I'm just so excited to be here. I'm glad to be here with you. I'm glad that we have this incredible opportunity ahead of us. So thank you.
Thanks, Mike. I feel like today is about the next two years, about the last two years. But I'll very briefly sort of just explain how we got here. My name's Ian Jacobs. I'm the former chairman of MiX Telematics. And I joined Powerfleet when we consummated that merger. And it's great to see some familiar faces in the audience from those days. Just to sort of explain, standalone MiX was a terrific little business in and of itself. But there were some clear and discrete challenges sort of mid to long term facing the business. And this is not unique to MiX. This is true for a whole sort of tier of players in this space. I would say there were four main interrelated challenges: scale, product differentiation, R&D budgets, and distribution.
When I came on as chairman of MiX about two years ago, we were tasked with resolving those challenges. Our merger with Powerfleet did just that. It went a long way to boosting the combined business's scale, obviously. It significantly enhanced our combined R&D budgets and capabilities. It gave us a unique to the industry product suite where we merged MiX's over-the-road solutions with Powerfleet's in-warehouse solutions. Perhaps most importantly, and we've alluded to this multiple times already today, and you're going to hear a lot more about it, it allowed us to go full throttle with Unity, which is truly a game changer in the industry and not only differentiates us from our competition, but elevates us. We have a number of customers here today. I strongly encourage you to meet them and talk to them about Unity and their perspective on it.
The Fleet Complete acquisition is really the final piece of the puzzle for Powerfleet. In addition to some great technology, FC Hub, and a best-in-class video solution, which we'll also talk about, Fleet Complete has a longstanding relationship with some of the most important telcos in the world, whom you'll meet today. We're incredibly excited to introduce Powerfleet's suite of capabilities and its broad suite of capabilities to this very high-velocity distribution channel, which now gives Powerfleet unmatched distribution capabilities from asset tracking to insurance to SMB to Light Fleet to power users. So the industrial logic of bringing these businesses together, these capabilities together, is compelling. And it was clear to our board that the benefits of being in the top rung are immense and could help create a virtuous cycle of growth. And we're at that inflection point now. The new Powerfleet we're unveiling has scale.
It has a differentiated product and differentiated go-to-market. It has best-in-class R&D and distribution capabilities. And that places us at the very top rung already. So with the pieces in place, it's all about execution. Steve and team, who you'll get to know, have done a great job to date outlining the vision and quickly executing on multiple dimensions without missing a beat. The cost synergies, which are ahead of plan timing-wise, thank you, Mel, are the most visible externally to all of you. But it's happening all through the business. Throughout the process of bringing this all together, Steve has set clear goals and asked us as a board to hold him accountable. And as a board with significant shareholder representation, we're going to continue to do so going forward. So we've got a very exciting 24 months ahead of us.
Thank you all for showing up or being online and taking the time to get to know us. The board is largely here today and happy to answer any questions and meet you all later on. Thank you. Thanks.
So phase I of Powerfleet is complete. And today is all about welcoming you to phase II. So I'm highly excited about the sessions you're going to go through with our partners, our customers, the demo, but also to meet the team that are really making it happen for us. So please enjoy it. Please get engaged. There's going to be a Q&A session at the end. And we're very much looking forward to continuing this partnership in a very transparent and consistent way. We treat this as an open house. When you're making the amount of change and transformation, you're moving this story as fast as we are.
We think engaging with our shareholders in that very open and detailed way will help build and continue to build that trust and confidence. So thank you in advance for the rest of the day. Please enjoy it. We're going to start now by taking a little pitch outside in terms of asking our friend Adhish from ABI Research to give his independent perspective on the key market drivers and what is really his view and perception of the huge change that's happening that is taking this to really become a mission-critical set of solutions. So Adhish, welcome to the stage.
Thank you very much.
Thank you.
Hi everyone. Adhish Luitel here. I'm a principal analyst at ABI Research. Yeah, for the agenda for the next 15 minutes or so, we'll have a look at the mobile asset market and what some of the key challenges are here faced by some of the end users. We'll talk about the ecosystem in terms of the market trends, market size, and what use cases have really resonated here. Then we'll take a look at mobile asset applications and how they've evolved over time. Then we'll talk about, touch briefly on AI applications as well as sustainability and come up with a few takeaways. So just to start off and talk a bit about ABI Research, we're a tech intelligence company that's sort of uniquely positioned between technology solution providers and market companies.
With the reports we use, we aim to take a deep dive into technologies as well as what really drives successful technology implementations across different markets, basically. And we do this through our syndicated research reports. We do a lot of market sizing, and we do a lot of competitive assessments. So some of the questions you can see on the screen, we seek to answer them. And just talking about the coverage I align to as well, it's the supply chain coverage. We cover this over different facets. We look at the warehousing side of things. We look at freight transport. We look at yard. We look at ports as well to give an overall view of the end-to-end supply chain. Now let's jump on to talk about some of the market desires and challenges when it comes to the mobile asset market.
We at ABI Research do a lot of surveys. We talk to a lot of end users to really understand market pain points as well as the appetite for use cases. We've asked them a lot of questions surrounding fleet management challenges, what issues are being met well, what are not being met well, as well as drivers and barriers to solutions implementation. Out of the ones that we can see, real-time tracking, route optimization, load planning, driver behavior monitoring, that's a big one, better fuel management, as well as a more efficient maintenance scheduling were some of the fleet's desires. Some of the challenges that were not being met well were maintenance scheduling of fleets, driver behavior monitoring. That all leads to the fact that vehicle maintenance is a big thing for fleets as well as asset maintenance.
A lot of the fleets would like to be proactive in this space and plan ahead of time. Same with cold chain fleets. You have chemicals, food, pharma as well, especially in food. FSMA Section 204 compliance will be enacted from January 2026 onwards. Companies are rushing to be compliant, which calls for additional reporting of food items across different stages of supply chain. You need IoT solutions to sort of help you out with automated reporting there. The other major pain point that we saw was truck driver shortage. The American Trucking Associations basically estimates that the industry is currently short of 63,000 truck drivers. That number is set to grow to above 160,000 by 2030. There's definitely a huge gap there and a lot of problems there. Retaining the driver is a key issue for a lot of fleets.
I think overall for a lot of fleets, as well as a lot of enterprises, data is very siloed. There is a need for a unified data view to make data more actionable. Talking about the mobile assets ecosystem, let me just talk about some of the key trends that we're seeing here. The first one is the growth in last-mile delivery. A lot of this can be alluded to the quote-unquote "Amazonification of things." Everyone is asking for next-day delivery, right? This can range from B2B as well as B2C e-commerce. Both B2B and B2C e-commerce have been experiencing double-digit growth for the last five years. This is basically driving a lot of investment in the last-mile space. We're seeing a 6% year-to-year growth globally in last-mile delivery vehicles, two-wheelers, three-wheelers, even trucks. We're seeing a high amount of growth.
The second is the push for sustainability and kind of tightening of emission regulations, which is accelerating a lot of electrification efforts for last-mile fleets as well. We're seeing a lot of players do this, especially in the States. Amazon is doing this. USPS is doing this. A lot of the 3PLs like DHL are doing this as well. The third is an increase in AI and machine learning applications, and this can range from your really low-hanging use cases like real-time predictive maintenance to AI-enabled dashcam that allows for fatigue monitoring for drivers on the road. The fourth trend that we're seeing is cost control through automation, and that is being powered by a lot of fleet management solutions as well as a lot of transport management systems, so using robotic process automation for things like dispatch management or compliance reporting or load optimization.
And we can segment these use cases by either your fleet IoT solution or fleet transportation management systems. So it's a combination of hardware as well as software. And when it comes to the market size, and we have done a lot of market sizing reports here, as you can see, the mobile asset software, a huge market there globally. We're looking at a $28 billion market, a high CAGR there, over 16%. Same with transportation management system, a $4.6 billion industry with a 7% CAGR. Fleet IoT solutions as well, your hardware solution, it's a $22 billion industry with double-digit CAGR growth. And inside the fleet IoT industry as well, you can see AI video, a massively growing market. We're looking at double-digit year-to-year growth. The cold chain IoT market as well, just a huge market overall.
When it comes to the total addressable market, we're looking at 275 million commercial vehicles for this year. The penetration rate, I mean, it's around 50%-60% globally, but there's still a lot of room, a lot to be done here. Now kind of looking at the evolution of the mobile asset applications and where a lot of businesses are looking at, we have definitely gone from basic track and trace to more AI-based use cases. What these use cases will do is drive demand for new technologies, including advanced IoT sensors, data on the cloud, AI on the edge, advanced compute power, as well as high bandwidth requirements. Connectivity will definitely be put at the forefront. These applications will demand a lot of high power of compute. The question really becomes, are fleet managers or businesses really prepared for this future?
And the question is yes and no. A lot of them still rely on manual processes. There's still a lot to be done here. And to kind of prepare for the future, managers will have to adjust their platforming and sensor technologies as well. And like I said before, data is very siloed, and there's a need for data harmonization in this space. And making data actionable, that's a hard part, really, because a lot of the problems that we see in the industry, it's things like notification overload, information overload, what to do with the data that you have. And kind of breaking down silos in this space, that's really key. So there's a lot of improvements that could be made in this space.
Now looking at things beyond the roads to your warehouses, yards, port terminals, rail depots as well, we're seeing a lot of connected vehicles or assets in construction, mining, and warehouses as well. Some of the market data drivers that you can see here, safety is definitely a top one, energy use as well, remote monitoring in mining and construction as well. That's an emerging use case. And talking about the market that we are dealing with, when it comes to things like forklift or tow motors, man lifts, yard trucks, any kind of construction equipments as well, only around 21% of them are fitted with an IoT device, meaning there's a huge room for more and more connected assets here.
So yeah, and when it comes to some of the challenges that we're dealing with in this space, lack of installation support from a lot of the vendors are some of the challenges that we see. Costs are used to justify that ROI for a lot of businesses as well. That's a major barrier. And obviously, data silos, there might be a different vendor working in the warehouse versus a yard versus in your trucks. So there will be data silos. So how to break those silos down, those are some of the needs of the market. And that leads to inconsistent UX as well. Every solution provider sort of provides a different kind of use case. So there's definitely overall a need for a one-stop shop when it comes to a lot of these IoT-based applications in the industry.
So, talking about some of the investment priorities, when it comes to what areas the businesses are looking to improve, integration with existing system. You have your warehouse that's fully digitalized. Now you're looking at a yard or you're looking at your road operations. How do you kind of pick the solutions there? So that's a major priority for a lot of the enterprises when they're looking to invest. Open platforms as well, like they're looking for more and more options. Customization is key here. And when businesses are moving from on-prem to cloud, that's what they're looking for, more and more customization because every business has different needs. Tech support for multiple users as well. When you're moving to the cloud, you would want your entire stakeholders to kind of have a unified view. So that's important as well. And of course, better connectivity.
And in terms of some of the services that are better required by fleets, better route planning and optimization and IoT as well as AIoT will be key here. Kind of getting insights in real time and pivoting or making adjustments accordingly is super important for fleets as well as truck drivers. Linking transportation management to yard management. Now this is where the one-stop shop will come into play. You digitize your trucks, but what about the yard? So kind of getting that unified view will be very important here. And connecting more vehicles and assets for not only visibility, not to see where exactly your asset is in the yard or on the road, but also for predictive maintenance to reduce downtime. Those are some of the key areas here. Now let's touch on briefly on AI in fleet management.
Now, because we're heading towards that world of everything being connected with Industry 4.0 and Supply Chain 4.0, you have data coming in from different sources. Telematics is one of them, like real-time data from vehicles that kind of monitor your tires, your engines, where they are, your fuel usage as well. There's driver behavior data, kind of detecting things like driver fatigue, your braking patterns, things like speed as well, as well as hours of operations. You have your maintenance records as well, just years and years of historical data on repairs and service checks as well, plus a lot of the other data as well, real-time data feeds about the weather and the traffic conditions as well. What this is doing is this can enable a lot of use cases.
And some of the low-hanging ones that I talked about was things like immediate safety enhancements, quality control to ensure downtime is reduced. And now thanks to things like unified operations and mapping solutions, things like dynamic load balancing, asset tracking at a granular level, that's possible as well. And these days, with talking about GenAI, we can't get away with talking about generative AI as well. And hyperscalers like AWS, Google Cloud, Microsoft are doing a lot of things surrounding not just your IoT and AIoT solutions, but TMS and ERP systems as well. So use cases like conversational analytics, finding the right vehicle or finding the best-performing drivers based on historical data, that's on the horizon as well. And IoT will be at the forefront of that, and that will power these insights.
Talking about what's important to businesses as well, well, the main key takeaway is the fleet management industry, the mobile asset industry is definitely changing rapidly. The winners will be the one solution providers as well as enterprises will be the ones who can really power business change. The data needs to go through a proper funnel that can enhance decision-making as well as enable them to really anticipate any change and be more proactive. Data needs to go beyond fleet managers to other stakeholders as well, like C-Suite or your partners or your customers. That's especially important in a lot of supply chains. Implementation plays a critical part to success, and solution providers really need to prioritize this more. We have survey insights to kind of back this up as well.
Fleets are really looking for a unified data platform that allows for things like seamless data integration, scalability, as well as flexibility, customization that can address their bespoke needs as well, as well as closer system integration support, so really, cloud infrastructure as well as customization will come at the forefront here, and to top it off, like data completeness and harmonization, that will provide further value as well, and kind of coupling that with AI, that's just money, really. That'll allow for a lot more use cases as well as a shorter payback period for a lot of investments, so yeah, data completeness plus accuracy for automation, AI integration, that will be key. A lot of fleets are really looking for that single pane of glass where there's data ingestion from multiple data sources that can really power insights through data, so that's key for a lot of businesses.
Now let's talk a bit about sustainability and electrification as well. We have a market data report where we kind of look at the EV market, and commercial EVs are growing year- to- year at around 25% to nearly 3 million commercial EVs globally by 2030, and a large chunk of this market is last-mile delivery fleets, and we did a survey here asking about the timeline that a lot of enterprises are looking to electrify their fleets. Most of them are looking at five to six years, about 30%. A large chunk of them, 15%-20%, are also looking at three to four years, so that's a key number here. Three to five years is when a lot of the fleets are looking to electrify. Regulations and incentives have been a big driver here in the U.S. as well as Western Europe.
For heavy-duty vehicles, California is doing a lot of things to kind of build a lot of fleet infrastructure as well as drive a lot of incentives. One of the big plus points about EVs is there's lower maintenance costs because there's fewer moving parts. Compared to an internal combustion engine vehicle, you don't need to change your oil. You don't need to replace your spark plug or kind of look at your emission systems. You mostly need to only change a few fluids. So there's a much lower total cost of ownership, and with EVs, I mean, you're dealing with a lot more data points around vehicle performance, battery health, energy consumption as well, so you can take a lot larger data-driven approach here.
When it comes to sustainability as well, just overall, businesses are definitely taking a much more data-driven approach here with things like emission reporting, reduction as well, and curating their sustainability goals that fit their business needs. They're also starting to realize that being sustainable is not just about regulations and being compliant. It's also about lean operations and the fact that they can cut down on a lot of costs by being more sustainable. Kind of to tie it all up, some of the barriers that we saw here was a lack of investment and/or clear ROI. Really, for a lot of the enterprises, when it comes to investing in new solutions, they need to see that clear ROI. That's very key for solution providers to kind of show them that pathway to clear ROI. Fear of disruptions and change management.
The larger the enterprise is, the more daunting change management is. Corporate inertia is a real thing, so to kind of support them there on that end as well, that's really crucial. Difficulty in finding relevant partners, and that's where the role of system integrators or any of channel partners will be crucial here. One of the questions that we asked was barriers to solution implementation, and for a lot of the enterprises, they don't even know where to start this process from, so really holding their hand along the way, making sure that this is a partnership, that's crucial as well. And lack of internal expertise, and that's where a lot of the solution providers, a lot of their channel partners can really provide a lot of value.
So yeah, based on this, some of the key takeaways, a lot of the solution providers need to kind of give that level of open platforms and provide appropriate APIs as well tailored to a business's needs. They're valuing things like personalized dashboards, customized alerts, as well as streamlined workflows. So every business definitely has different needs, and you need to address them. Route analytics and data visualization, that's key for a lot of businesses, providing hyper-accurate tracking as well. And that can be done through IoT operations. So I think the moral of the story is data are siloed, and unified operations will be key to break down silos. And that's the main requirement of the market. Thank you very much.
Okay. Thanks, Adhish. Well, great to be here this afternoon. Good to see so many familiar faces. I think, as Steve said, it's been a hell of a year in terms of everything that we've done, the change that we've driven. And as Mike Brodsky said, it's good to see that getting rewarded in terms of stock price. It's been a lot of lift. It's been a lot of change, but we're pleased to see it moving in the right direction. What I would say is I think the key takeaway from both my slides and the one that are coming is we're just getting started. We have an opportunity set, a rich opportunity set we could only have dreamt of a year ago. So we're now heads down execution. So I'm going to dive into the detail. Oh, if I could get to the right slide. Okay.
So we'll start just by reiterating guidance. We expect to be a Rule of 40 SaaS company within two years of the close of the next transaction. In terms of the drivers of that change, the first one is expansion in terms of EBITDA margins. You can see towards the bottom of this slide, we're actually 15% was the EBITDA margin for fiscal 2024. Stepping up to 20%, then up to 30%. If you look at the key driver of that, so much of that is our ability to extract synergies. Melissa Ingram is going to go through that in detail, but that is a core competency, and we'll touch upon that.
The thing that I think people in this room are most interested in is how do we drive the top line in terms of creating a massive valuation unlock in terms of making this into a home run from an investment standpoint. That is the area of focus. We have an incredibly rich opportunity set to go mine in terms of driving that, and we'll spend a lot of the slides that I'm going to go through on that point specifically, but you need two things to drive success. Firstly, you need the right opportunities, and secondly, you need a team that knows how to execute and can execute at pace, so I'm going to start with a first-half scorecard for the management team for first half of fiscal 2025. There's two things that we hear from investors.
One is for the numbers we've posted over the last two quarters, is that really organic growth or not? So I just want to be clear. All the numbers we compare to for the prior year include both MiX and Fleet Complete. There's no sort of easy gimmes in terms of we're comparing an apple to an orange. So that's one thing that we get. The point that Steve made earlier as well was this thesis that, okay, you guys have been busy. You've done three deals. You brought together three smallish companies with mediocre results. Have you not simply just created a large company with mediocre results? As I go through our first-half scorecard, I think I can punch huge holes in that thesis. So let's start with the charts. On the left-hand side, this is EBITDA growth in six months. This is a sequential view.
The bar on the left, that is our EBITDA performance for the three months ending March of this year. We've grown that by 31% in six months. That is all organic. The bar on the right is revenue growth. Again, the March quarter through to the September quarter, in six months, we've grown that by 6%, all organic. If you look at our year-over-year performance in terms of first-half fiscal 2025 EBITDA versus last year, up 46%, all organic. If you look at our revenue growth first half, it's up 9%, all organic. The idea that this is a team that's just brought together two businesses and now three businesses, and they're just running steady state and they're not being transformed, these numbers do not support that thesis. This is a team that knows how to go and drive radical change, and while doing that can also drive growth.
We're proud of what we're achieving and proud of what we've done so far. So let's look forward. Mike stole this line from me too in terms of just the EBITDA performance. So we did $43 million of EBITDA as a combined business for the 12 months ending March of this year. For the 12 months ending March of 2026, we're forecasting that's going to travel from $43 million to $130 million. In terms of the source of that growth, 70% of that EBITDA expansion is organic. It's being driven in two waves. Firstly, the cost synergy program, which is a core competency. And secondly, our ability with the rich data sets and opportunities that we have to drive top line growth. So wave one is EBITDA margin expansion.
So waterfall chart on the left, the 15%, that is the EBITDA margin that we achieved in the fiscal year ended March 2024. We expect that to double to 30% for fiscal 2026. Of that 15 percentage point increase in margin, 12 percentage points is directly attributable or indirectly attributable to the cost synergy program that we have under our direct control. This is a core competency of this team. If you look at the MiX transaction, we said we would deliver $27 million in annual savings within two years. We delivered 50% of that, $13.5 million in six months. This is something that we know how to do, and we know how to do well. So to Steve's point, we tick the box for this one. We think the numbers demonstrate that.
What people are really focused on, what we are really focused on, is our ability to go from a 5 percentage point growth guidance this year to 10 percentage points next year, and then on the steady march to 20 percentage points, and then north of 20. To do that, you need a winning hand. So what do we have at our disposal? Firstly, we have a fantastic market. The market is forecast to double from $60 billion in 2023 to $120 billion in 2026. So a CAGR of close to 20%. If you double-click on the market, it is a two-tier market. There is a huge amount of legacy annual recurring revenue out there for people who are not keeping current with technology. It is ripe for disruption. Unity is an engine for disruption, and we intend to take more than our fair share of that shift over time.
The other thing, and this is probably my favorite stat, is look at Samsara. They are the leading player in this space. Of 300 public SaaS companies, a total of two have achieved and surpassed $1 billion of recurring revenue while growing north of 30%, doing it on a free cash flow positive basis. So that just speaks to the market that we're in. The fact that they are two out of 100 who did that tells you we're in a fantastic market. We are thrilled to be part of this market. The other thing that you need to succeed is a broad solution set. We have the broadest solution set in the industry. We're the only provider that reaches from the shelf in the warehouse to the shelf in the retail store to your doorstep. We cover all of those areas.
With the Fleet Complete transaction, we now also have a compelling solution for mid-market. That was a segment of the market that we were not addressing previously. We now can. The other huge win that we get with the Fleet Complete transaction is their quick AI install camera. This is a 15-minute installation. This addresses the fastest growing piece of the market. It is highly differentiated, and we're thrilled to have that within our portfolio. You also need a winning next-generation product strategy. That's what's driven Samsara's growth. Unity is that strategy. This ability to ingest data from any device. The vast majority of customers have heterogeneous providers of telematics devices, increasingly OEM data too. That ability to bring it in, that is an acute pain point that Unity addresses.
Also, the more you can capture the complete solutions or the complete fleet or the complete set of assets, the more powerful it is for unified operations in terms of taking that data and feeding it into other parties and other systems. Having close to complete data set just makes that data value significantly higher. And then finally, expansive go-to-market. We have the best global footprint in the industry. We'll walk through that. In terms of the logos that we have, we have 8,000 enterprise logos. We have a logo list to die for. Josh will walk you through that. That is ripe and is massive opportunity to expand within those accounts. And then finally, both through the MiX transaction, the Fleet Complete transaction, we have massive reach in terms of third parties who can carry water for us. And we'll talk through that in a couple of slides.
So let's start with the market. This is the view of the market. So again, $60 billion in 2023, doubling to $120 billion by 2026. If we want to double-click in terms of North America from our green and brownfield standpoint, in terms of on the road, that is sized as being 45% served. Probably the most exciting piece, though, is on the right in terms of AI safety-based cameras. Probably about 10% penetrated. This is the fastest growing piece of the market and something that we're well positioned to exploit with the technology we picked up from Fleet Complete. The other thing that we have is the broadest solution set. So as I said earlier, when you look at the top line, you can see in warehouse to logistics to last mile. We cover it end to end. That is compelling.
If you look at the last two rows on this table, we cut across many different verticals. It's a massive TAM because we play horizontally, not vertically, and then finally, at the bottom, you can see this is next generation. This isn't track and trace. This is solving a much higher order set of problems that we're ideally positioned to do. That also enables us to have conversations with the highest level within organizations. You're going to hear from some of those individuals today on stage in terms of the customers that we've brought, so we're thrilled to have that, and then finally, it's Unity. So you'll hear that word probably more than any other word on this stage today. It is incredibly elegant from a product strategy standpoint.
It is a great fit in terms of servicing the needs of customers, whether that be being device agnostic, whether that being taking all that data and solving the highest set of problems that customers face. But it's also a blueprint for best-in-class net dollar retention. Best-in-class net dollar retention means you're growing at 20% within your existing customer base without adding a new customer. That is how you grow the most quickly. That is how you inject a massive amount of operating leverage into your business model. So let's double-click on the market. So on the left, you can see the geographic mix. We are scaling up very nicely in the markets that matter most. So of our revenue, 40% is now coming from North America. 20% is coming from Europe and the Middle East.
We have 10% coming from Australia, which is a fantastic market from a growth standpoint. So very well positioned there. On the right, you can see the revenue broken out by segment, and you can see that 20% in the middle. That is the mid-market solution that FC Hub brings to us. That was an untapped market for Powerfleet. We now have, we believe, the industry-leading solution to go make a massive dent in that space. In terms of gross bookings, so this gives you a breakdown in terms of how we think revenue will grow over time. This is a land and then expand go-to-market motion. We believe 70% of our gross bookings will come from upsell and cross-sell within our existing customer base. That is fantastic in terms of velocity of deals, upselling, cross-selling. Those deals are much quicker, the new logo deals.
It is also a massive driver in terms of a low CAC, which speaks to great operating leverage. But also on the new logo side of things, with the capabilities that we have, particularly with the Fleet Complete transaction in terms of accessing customers in a faster, more effective rate at a high level in the organization, it is a game changer in terms of what we can do there. So to give you a sense of that in terms of a picture says a thousand words, this gives you a sense in terms of how our go-to-market scale has been transformed in just eight months. So on the left, March of this year, this year, maybe 50 quota carriers within Powerfleet. That doubled to 100 with the MiX transaction. The MiX transaction also gave us access to a global network of 130 resellers. That is a big win.
Now look at the right. With the Fleet Complete transaction, with the telecommunication resale partners that they have, we now have access to thousands of people who can go push our product on our behalf, can open doors on our behalf. It is transformative in terms of just our ability to really scale a go-to-market, do it in terms of size and scale, but also massively de-risked. So we pay for success as opposed to speculative spend upfront. So probably the most uncomfortable moment this time last year was Jos, who was the founder of MiX, coming up on stage and telling everybody, he's leaving, by the way, so it's not his problem. He stands up on stage and says, "These guys can grow at 10% without adding a single new logo." So thank you, Jos.
This slide will give you a sense in terms of why he was so confident, why he was so bullish in terms of we could do that. So this is a waterfall chart. On the left, that 1X, that is our existing ARR today with our existing customers. So that is our starting point. If you look at our existing customers, we are one of many telematics providers for our customers. Rounding up, we probably have 20% of the wallet share for that piece of the market for our existing customers. So massive headroom just in terms of upselling what we have today. You then have the AI camera opportunity. That is underpenetrated today, as we saw earlier. Massive opportunity there. It's probably worth about 40% of the on-the-road. So that gives you a sense in terms of size and scale.
So that gives you a feel in terms of that. We have the in-warehouse opportunity. If you run a large fleet, typically you're going to have a warehouse. If you have a warehouse, you're going to have a forklift. So our ability to really sort of cross-sell into that, again, that is a massive opportunity in terms of the existing wallet that's out there with our existing customers. And then on top of that, you layer on the ability to expand ARPU through Unity. Two major drivers there. Firstly, it's upselling to our value-added modules, our AI-driven modules within the Unity platform. And secondly, it's the ability to monetize our suite of integrations into third-party systems. The data that we have is incredibly valuable. That is data that is valued outside of our platform, and we can charge to integrate that into third-party systems, and we are doing that today.
You'll hear more about that as well. If you add all of those things up, we have a 10X opportunity within our existing customers today. There is massive room for us to grow without adding a single logo to the business. So let's look at the art of the possible. So over a five-year time horizon, how could we grow this business? So we start at the top. So today, if we're 20% penetrated, that's 100% of our existing ARR. In terms of how we can grow that, firstly, we can penetrate more. So Unity is differentiating. We should get more of those assets. So if we assume we go from 20% penetration to 30% through our first-party traditional sales, that is an extra 50 cents on the dollar versus what we have today. We can also expand penetration through device agnostic capabilities.
So maybe that gives us another 10% penetration. So that's another $0.25. As I go down the list, you can see with additional penetration of AI cameras, with our in-warehouse penetration, with our value-added modules. If you add all of this up, there is every reason to believe with our existing customers, we can triple our annual recurring revenue within a five-year period, just with relatively modest penetration rates. That translates into a five-year CAGR of 25%. That is why we're so confident in terms of what we can drive on a go-forward basis. So to wrap, in terms of what we're focused on, it's hitting Rule of 40. We obviously have momentum. We have traction in terms of expanding EBITDA margins. And as I've just shared with you, there are many options, many vectors to accelerate top-line growth. So from a value creation standpoint, what does that mean?
This is a graph many of you will be familiar with. It's the scatter graph for public companies in terms of Rule of 40 versus revenue multiple. We today trade at 2.5 times. Samsara is at 20 times. As we scale this business, as we get to Rule of 40, not only do we have more revenue on the multiplier, but also our multiplier will increase as well. That is the value unlock opportunity that we're focused on. We're in a privileged position given the opportunity set that we have, and it's now all about heads-down execution, and we look forward to sharing more as we're on stage this time next year. With that said, I'll hand it over to Melissa, who will double-click in terms of everything we're doing from an EBITDA margin expansion standpoint, so thank you.
Okay. There we go. Hi, everyone. It's great to be spending some time with you today to talk about our EBITDA expansion and about our Fleet Complete integration. In this session, I'm going to cover two things. So firstly, I want to talk about how we're going to use this integration to drive the accelerated growth that David's spoken about, and ultimately to lay the foundations for the sustained performance that we want to drive in this business. Secondly, I'm going to lay out a new efficiency goal that we've set for the company, and I'm going to talk about how we're going to execute to deliver on our objectives and our expectations. Okay. So I want to start by outlining some of the commercial priorities that we've set for our team and for the business. These are three priorities that I think about as our mission.
They're absolutely clear to all of the Powerfleet people in this room and more broadly to the whole organization. First and foremost, we're driving and maximizing efficiency in our business, not just to rapidly expand EBITDA, but also to drive and facilitate reinvestment into the accelerated growth opportunity that you're going to hear so much about today. The reason that we're doing this is to execute on the two other priorities on this screen. Firstly, we want to underpin that accelerated revenue growth and that sales motion to go and take advantage of our newly much broader and extended market reach, and secondly, we have a fantastic opportunity here to drive incremental customer value through a lot of the vectors that you heard David talk about, through expanded ARPU, through more stickiness with our customers, and driving significantly more wallet share than we have today.
All of the integration that we're executing now with Fleet Complete are focused on these three priorities. This is the mission of the team. So let me spend a moment on why this reinvestment is important. In the business that we have, you've heard already the multiple vectors that we have to go and fuel and funnel growth. But I am going to call out just a couple and reiterate further on what David said. Firstly, we have a now significantly broadened reach to market with our direct enterprise customer base, but also with the fantastic channels and indirect channels we now have to market across the combined business. In our high-quality revenue regions, for example, North America, in Europe, and in Australia, we have doubled our scale, which is a fantastic opportunity to go and funnel true investment to drive accelerated growth in those regions.
Thirdly, with the now combined products and solutions that we have in our portfolio, all underpinned by Unity, which you're going to see and hear much, much more about over the course of the afternoon, we have now got the opportunity to drive significant cross and upsell into the now 2.6 million subscribers that we have around the world. This is a fantastic growth opportunity for the company, and it's one we absolutely want to seize. But in order to do that, we've got to pivot what has historically been a very defensive position as to how we approach our cost base to an offensive position. We want to get to the point where we are laying the foundations in our organization and in our structure for sustained performance. That's what this transformation and this integration is about.
Today, I'm sharing with you that we are planning to self-fund a $10 million investment, which we will generate from further efficiencies than we've committed previously in order to invest in these growth areas that you see here on the slide. Firstly, we want to make a significant investment into our sales coverage and sales motion in the business. This means putting many more hunters on the pitch to go and drive that accelerated opportunity that you've heard about today. Secondly, we also want to put many more people in our customer in management functions. These are, I guess, the farmers, the people who are in our accounts and in our customers every day driving that growth opportunity from ARPU and from a wallet share expansion perspective. This is a bold move for the company.
And for me, certainly, and I hope for you, it speaks to the confidence that we have in the scale that we now have from a global perspective and the market reach through our channels, but also our confidence in our products and solutions and what Unity can bring. So let me break down that $10 million self-funded reinvestment a little bit more and how I'm thinking and how we're thinking about laying those foundations for sustained performance. We've done a lot of work to look at where we truly have what I call sales hunters out in the field in our high-quality revenue growth regions. We've also looked at the number of people across our customer expansion functions who are specifically targeted on revenue generation and who are targeted on going out and increasing wallet share and ARPU with our customers.
We are planning to increase the team size of those groups by 55%. That means that we will have over 300 people whose job it is every day to go out and drive revenue and drive wallet share and expansion with our customers. This is the cornerstone of that self-funded reinvestment strategy. By having far more hunters and farmers on the pitch, this gives us a fantastic opportunity to go and take advantage of the market reach and the scale and with the solution set we now have. So what does this do to our efficiency goal? And I do want to spend a little bit of time on this because there's a lot of numbers here, and I want to be very clear about our commitments. Our new efficiency goal for the company is to deliver $31 million over the next two years.
This is excluding the $16 million that we are on target to deliver in year one. I am essentially resetting the efficiency goal that we've committed to for the company. That $31 million is made up of three distinct elements. Number one, it's the MiX plus Powerfleet year two, $11 million target, which is something that we committed to at the point of the MiX combination. This also includes the $10 million cost synergies, which we are still committed to following the combination with Fleet Complete, and finally, the final $10 million is the new reinvestment, which we are going to self-fund via efficiency that I'm talking about today. This 31% represents about 11% of our addressable cost base. What we've done is we've looked at our addressable cost base. That is, we've ring-fenced our sales and marketing investment.
We've ring-fenced our R&D investment, and we're looking specifically at the broader addressable cost base on the direct and indirect spend that we have through the business. And we've cut this every which way, and we're very confident that that $31 million is more than achievable in the next two years. By creating a business that is efficient and ready to scale, we are essentially setting up a fit-for-purpose growth machine that can go and take advantage of the opportunity that we've got in front of us. This gives us the territory playbook if we decide to go and enter new markets. It sets up our operations in a way in which is repeatable and scalable as we continue to grow so that we can continue to protect and grow our gross margins in future. And this also gives us the business systems across the company, which gives us visibility.
It gives us consistency, and it ultimately makes our teams completely accountable for the performance that they're going to go and drive. This is how we fund the growth story that you've heard the team talk about today. So if that was the what, I'm going to talk a little bit about the how. And in order to get to that $31 million, let me anchor us again. $21 drops to the bottom line, and a further $10 is for reinvestment. A way to think about this $31 million that I'm talking about today is we are on track to deliver $16 million in year one. That's the year that we're in now. This is essentially continuing the efficiency run rate that we're operating in today.
It's another $16 million in the next fiscal year and $16 or thereabouts in the year after, which is why we feel very confident when we've looked at our cost bases that we know this is achievable. Within the G&A category, the biggest unlock is driving a systems blueprint across the combined company. This is significantly de-risked by the systems blueprint that the Fleet Complete team have been running for over three years very effectively in their own business, and we're working now to roll that out across the combined company. But there's multiple other areas to unlock within our G&A category. G&A today is about 24% of revenue, and this is ripe for opportunity to go and mine and drive efficiency from our duplicate costs, from the alignment of our back office in order to go and make the reinvestments that we've spoken about.
We have a massive opportunity from an economies of scale perspective. This is an area that I see us spending our efforts to go and unlock. We have much greater purchasing power now as a combined company. Our collective scale gives us the opportunity to unlock further efficiency throughout our supply chain, and this is an area where we're targeting $5 million from a target perspective. Organizational alignment is another area where we know we have further opportunity. We will continue to look at pruning in our existing and overlapping territories, but there's also a big opportunity here to protect and grow our gross margins by applying common principles from our center into each of our regional operating hubs in ways in which those teams are working and parameters in which they're working to protect and grow our gross margins.
We're well down the path with hardware consolidation, and we're already assessing with the Fleet Complete portfolio where there's opportunity to further consolidate across our now combined portfolio. By driving into these four areas further and multiple other avenues that we're looking at, we're looking at repurposing that $10 million that I've spoken about to go and self-fund the investment into that sales team. This is about 3.6% of our addressable cost base, so we feel really confident that these numbers are achievable. So let me summarize. We are pivoting from a defense to an offensive position in terms of our cost base. We're investing heavily into our sales hunters and into the in-life customer management functions. They're going to take advantage of the cross and upsell opportunities and the ARPU growth opportunities that we've spoken about.
I feel very confident doubling down on the EBITDA guidance that David shared earlier, where we'll triple our EBITDA by FY 2026 versus our FY 2024 numbers. All of the levers to do this are within our control, and this is why I can stand here today with absolute confidence and say that by being able to increase our efficiency goals, we have the opportunity here to funnel investment right back into the front line of the business. So that's it from me. Before I jump off the stage, you've heard so much from me, from David, from Steve, and others about the Fleet Complete business, but it would be great, I think, to hear it from them themselves. So I'm going to introduce Jarrad Simpson, the COO of Fleet Complete, who's going to join us on stage. Jarrad. So good afternoon, everyone.
On behalf of the 650 employees at Fleet Complete, I do want to say that I am extremely proud to be here today and extremely proud to be a part of the Powerfleet family. Over the next few minutes, the team and I will walk you through why exactly it is that we are so excited to be here and what it is that Fleet Complete brings to the Powerfleet story. Let's start with the financial logic. In short, we bring critical mass to Powerfleet, and we help form a credible competitor to go and tackle this massive industry in front of us. Fleet Complete has 40,000 customers on a global basis. These span from enterprises with tens of thousands of vehicles and a global footprint. One of those customers you'll hear from shortly in a panel led by Tony.
And these 40,000 customers, and then, excuse me, it expands beyond that to serve mid-market customers who are local leaders in their market. These 40,000 customers represent 600,000 subscribers. Taking those 600,000 subscribers and adding it to the Powerfleet base creates that 2.6 million subscriber base that you've heard about that places us in the top three players in this fantastic industry. That scale also provides for a fantastic revenue profile. Fleet Complete has over $100 million of revenue that is highly visible. 90% of our revenue is recurring in nature. We also have a fantastic geographic diversity to our business. 70% of our revenue comes from the North American market.
When you think about that size of business, when you think about that revenue base, and you think about that customer base, the upsell and cross-sell opportunity that sits in front of us is truly a unique opportunity and one that we are extremely excited to go and be able to tackle with this new portfolio of products and this investment we just heard Melissa talk about. In addition to that, the ability to scale that geographic diversity even further into the future is made easier by the fact that between our two companies, we have effectively doubled the size of our sales presence in key regions such as North America, Australia, and Europe, and then as we were a private equity-backed company, we know how to go beyond the top line.
We know how to bring it down to the bottom line, and we understand how to run a cash-generative, highly profitable business. On a standalone basis, Fleet Complete was delivering $25 million of EBITDA. Now combined with the opportunities for scale and the opportunities to work with the Powerfleet team, we have set up for a $15 million synergy target. That $15 million can be broken down into a $5 million revenue component and a $10 million cost component. As Melissa just highlighted for you, $10 million represents only 3% of our overall combined cost base. That is a highly achievable target when looked at from that perspective, and when you think about our upsell and cross-sell opportunity and those 40,000 customers to go back to, that $5 million revenue opportunity we also believe is a highly achievable target.
Moving on from the financial logic and into the industrial or commercial logic, the key question of why Fleet Complete and why now. There are three key factors that I'd like to leave you with. Number one is a unique cultural fit. Number two is a differentiated go-to-market strategy that is highly complementary to how Powerfleet does business. And number three is product innovation. Craig and Frank from the Fleet Complete team will come up here shortly to speak to you about the go-to-market motion and the product innovation, and you'll have a chance to hear from some of our key strategic partners in that panel with Tony shortly. I'd like to spend a moment just to talk about that unique cultural fit. As we were going through the acquisition process, one key phrase kept being repeated by the executive team at Fleet Complete.
We have found a great home for this company. And as a leadership team, there cannot be a better feeling than to look out into the future and say, "We have found the right move for our customers, our partners, and our employees." So what was it that made us so confident about that future? The more we learned about Unity, about the vision for this company long-term, the more we believed that the two of our companies on a standalone basis were running highly similar playbooks. And when you think about this market and you think about bringing those two things together, the industrial logic to combine forces and tackle this market opportunity together became quite clear. So some of the aspects that were so similar in our playbooks include, first off, the belief in scale. The belief in scale on a global basis.
This is a true differentiator that both of our businesses were doing on their own. Number two is the power of a device-agnostic platform with data integration capabilities. A truly differentiated approach to platform as we look at this industry. Number three is the belief in customer experience as a differentiator. And some of the comments that Melissa just made around reinvesting into customer-facing functions show how much we mean when we say that. That customer experience focus will drive customer loyalty and ultimately help us grow our net revenue retention rates. Fourthly, we do both have private equity chops. We do understand what it means to run a profitable business, and we do understand what it means to run a long-term, sustainable, profitable growth engine. And lastly, and perhaps most importantly, partnership is in our DNA. We do put our teams and our relationships first.
We do focus on acting with integrity and transparency at all times. But beyond just the similarities, we do have our differences as well, and I see these differences as highly complementary and highly synergistic. From a product perspective, when you think about in-warehouse, this is a segment that the Fleet Complete team was not able to talk about prior to a couple of months ago. To take that on-road capability and marry it up, extending the operational insights into the warehouse is an absolute win for our organization. To see our salespeople's faces light up when we introduced this concept to them was the immediate validation that this idea is going to work. From a how we sell perspective, I just mentioned we both have partnership in our DNA, but it's a very different format of partnership. Powerfleet obviously has its very robust global reseller network.
Fleet Complete has a focus on national telecom providers. While these two ways of business are different, they both have that focus on partnership, and these two avenues to market will certainly serve as a sales multiplier going forward. Beyond the how, the who. Powerfleet has its excellence in enterprise. Fleet Complete has its knowledge and velocity within the mid-market. Again, these two paths to market, these two views of who we sell to, these are sales multiplier effects as this company moves forward. And to combine the last two points you see on the slide here, I'll wrap it up with saying the mindset and the willingness. The mindset of a growth-first, growth mindset. The willingness and the appetite to go and put your money where your mouth is and invest behind your ideas.
That is a hugely refreshing outlook that we get to now apply to this business, and that is an outlook that as we get to talk to our team and our team tells us, "Well, you want to grow, why now you're asking me to do more with less?" Absolutely not. We are asking you to find efficiency throughout the business, that first commercial priority that Melissa mentioned, and we're asking you to use that and generate that and push it back into the right customer-facing functions that will ultimately drive our growth through customer acquisition and net revenue expansion. To give you a little bit more flavor of some of these revenue expansion opportunities, I'm going to ask Craig Fisk, Fleet Complete's EVP of Sales and Marketing in North America, to come and join us for a moment.
Thanks, Jarrad. It's hard to believe it's only been about seven weeks, but I can share with you there is an excitement in the field and a high confidence of where we're going. And allow me to share how we're going to go across North America, Europe, and Australia. In North America, this combination doubles our sales force, enabling us to cross-sell Fleet Complete's Vision into Powerfleet's mid-market existing customers and selling Powerfleet's in-warehouse and Unity into Fleet Complete's customer base. In Europe, we go from a few secondary markets to most of the major markets. In Australia, we are scaling sales to increase our velocity of cross-selling across our combined customer bases. There we go. So our unique partner sales engine with the largest mobility carriers in not only North America but around the world provides an exciting opportunity to integrate Powerfleet's best-in-class products.
Our deep partnerships and integrations with automotive leaders like GM, Ford, Stellantis, plus early stages of insurance partnership further strengthens the unity strategy and roadmap. Now, allow me to share the top three most early revenue opportunities. Our anticipated increase of our AI vision penetration from about 10% today to 40% over time, achieving this growth within our current base of customers, represents an incremental $15 million in ARR. Our strategic investment into additional sales capacity will add an incremental of $10 million in ARR revenue through a higher cadence of new customer acquisition and maximize the upsell potential within our customer base. We have identified over $20 million of upsell opportunities of Powerfleet solutions also in our Fleet Complete base of customers. Now, let me double-click into the opportunity Powerfleet products bring into the FC base.
First, we estimate a large percentage of our customers have some amount of warehouse or factory facilities creating a prime upsell opportunity. Second, Unity enables us to move upstream into enterprise, unlocking a segment of channel where we have limited exposure along with upselling Unity into our existing strategic customers. I can share with you that there's a large excitement inside the sales team. And when the sales team is excited, they know how to sell. With that, I'm going to bring up Frank Friesacher, our CPO. Continue on.
Thank you. Okay. I think we're running a little behind, so I'm going to try to keep it short. I'm going to talk about the product and as soon as I figure out this clicker. The green. The green. There we go. Okay. Thank you. So the product. So Fleet Complete four years ago set out to build a platform. We'd already been in the business 20 years, so we had a lot of experience to build on. But we saw trends coming for AI, big data, electrification, etc., that we knew we needed a new platform, one platform to be the single platform of choice. We did that. And I'm proud to say we have the latest tech stack in the industry today. It's highly scalable, high performance, and most of all, a very friendly and accessible platform for the mid-market, high-velocity market. Now, we did all that. Then we had the acid test of migrating our customer base to that platform. This is a tricky thing, especially when they've been around 20 years, etc. And we did that. We did that. It took about a year. We migrated them with great success.
And the base couldn't be happier, and they were asking, "Why didn't we do this before?" And it's been great validation of the platform. Now, with all this, we're very proud of the platform, and I couldn't be happier that we found the right home for the platform with Powerfleet. This is the perfect marriage of platforms. Bringing it into the Unity ecosystem and the vision ahead for Unity couldn't be a better fit for what we're providing. And what I believe we're going to be doing is we're going to be extending the reach of Unity, the breadth of Unity, and most of all, I hope to accelerate progress towards the vision of Unity using our teams, our platform, and our technology know-how. In doing this, we've also brought along some new market segments that we can address.
To give you an example, the first responder network in the U.S. maintained by AT&T called FirstNet. This is for first responders. This was when all other networks get wiped out, this one stays up. You're going to hear about that from one of our customers who's actually a FirstNet customer. We were the first to bring our AI vision camera to that market. It's a high bar to meet. We were the first to bring video telematics there. We have an asset tracker, fleet tracker, and we even developed a mobile hotspot in conjunction with AT&T for that market. All that comes now into Unity, and it's just one example of niche markets that we can bring and address. Progress today is going very quickly. We've already begun the integration of the in-warehouse solution into Hub. We can see that.
You're going to start to see some of the products in our demo coming up, and we're also looking at how do we bring our vision system into Africa and other regions, so I think there's a lot that we bring: technology, product, know-how, and I'm very excited by that. Now, what else do we bring? For all our customers through the Unity ecosystem, we also bring choice, more choices. We have now more devices supported than ever. One of the most extensive catalogs in the industry, 600 devices. But we also bring, excuse me, the know-how of a world-class engineering team of over 400. We need this to keep up with the increasing demand for what we see for Unity, so I'm excited that we have this strong team all aligned and focused on this vision.
Of course, I mentioned that we bring our products to the table: FC Hub, FC Vision. But I don't think I mentioned that everything was designed in a modular way to create product-led internal upsell. In other words, customers start with one product, they see the other products available, and start to subscribe and increase their subscriptions, increasing ARPU and increasing the value to their business. And finally, our integrations with OEMs, with third-party service providers. We're combining our integrations, and this is just really the huge value lever for our customers adopting Unity because that means they can tailor solutions to their unique needs. And it's ARPU for us, but it's also a business value for them. They don't need to pivot between different systems. It all gets unified through our unified experience.
Lastly, we're very excited about combining our vision solution tailored to the mid-market, quick 15-minute install, easy to use, and a big hit in North America. We continue to win in face-offs with some of the competition. And we're now adding it into the Powerfleet suite of video solutions, which brings more enterprise-class video solutions. So we have the full suite of video options. So with that, I'm going to turn this over to the real fun, which is the demos. Jonathan Bates, CPO for Powerfleet.
Hello. So having been in the industry as it was for 10 years, I now feel like I have the best job in the world because bringing Unity to all of our customer base and new prospects is super exciting. What you're going to see is now a 30-minute journey into Unity's key differentiators and the customer value that we're creating through device-agnostic data ingestion, monetizable, through our data-powered applications, monetizable, and through our unified operations, also monetizable. So we're going to take a 30-minute walk through some of the key value generators for Unity.
Now we're going to bring Unity to life with some demos of key customer value areas of the data highway. Let's start with a quick primer on Unity and what makes it really stand out in the market. Businesses worldwide face the challenge of enhancing safety, efficiency, sustainability, and compliance in their operations. They need comprehensive data from all assets, people, and processes to achieve true digital transformation. However, many struggle with fragmented, siloed data and juggling multiple vendors and platforms, which wastes time and limits growth.
What these businesses need is one trusted source of data they can rely on. This is where Unity steps in. We designed Unity to solve these complex data challenges with a completely fresh approach. Unity is a one-stop ecosystem built to drive digital transformation and streamline key business processes. Now that we're aligned on Unity's purpose, we'll walk through demos covering its core elements: data ingestion, harmonization, data-driven apps, AI and data science, and unified operations. Starting with data ingestion, this is one of Unity's standout capabilities. Unity is data source agnostic, meaning it can ingest data from an extensive range of sources, whether it's our devices, other TSPs, OEMs, third parties, or sources like weather data, traffic reports, sensor inputs, fuel card transactions, and shipping details. Unity handles it all. This capability eliminates data silos, logging into multiple systems, consolidates vendor management, and saves valuable time.
Let's look at a demo that highlights data ingestion in action.
In order to properly showcase the power of Unity's AIoT data ingestion highway, I'm going to walk you through a day in the life of a newly onboarded customer. In this scenario, our customer has a large portion of her fleet hosted on a different platform, and they will need to enable this external data set within Unity's AIoT data highway. I'm going to show the ease of enabling an external data source within Unity utilizing our AI-powered personal assistant, Aura. Once this step is completed, our user is up and running in no time and can access a consolidated view of their assets, immediately pinpointing the information thereafter. This will eliminate the need to log into multiple portals, extract the data, and manually consolidate, resulting in a huge time savings. Let's get started.
Our primary customer stakeholder, Maria, has been tasked with locating the closest trailer available for use near the loading dock. She has a mixed fleet, 70% of the trailers using one device type, and the remaining 30% recently equipped with Powerfleet's logistics gateways. We'll begin by logging into the Unity platform. From here, we are presented with the Aura personal assistant that can help us answer any questions about the application and even gather data sets on demand. We can type our question here about how to add external data sources to the account. We are then presented with a clickable link that can bring us to the right area of the application for this task. Wizard is then presented, allowing us to make the selections for the data source we are trying to add to the Unity platform.
We will make our selections and move on to the next step. From here, we are prompted to enter in our credentials for gathering data from this external provider. Once entered, we are immediately presented with the list of assets the wizard was able to find. We can make our selection and click import. If there are drivers to import, that step is taken care of here, and we can just as easily import our drivers too. Once this step is completed, we find that the integration was added successfully. We can see the data ingestion source is now enabled. We have access to a shortcut for viewing these assets on the map. As we navigate on the map, we now have a consolidated view of our fleet, and we can see the newly imported trailers are clearly shown in the filter.
We can now easily focus on a particular area of interest to find exactly what we might be looking for. As you can see, this process was simple and allowed our customer stakeholder to get access to the information they required in minutes, not hours, thanks to Aura and Unity's simplified data ingestion import wizard.
That ingested data only makes sense because of the data science we applied to the refinement, cleansing, and harmonization of that data so that it can be consumed. The key is that wherever we ingest data from, we harmonize it with AI so that it all speaks the same language and can be consumed consistently throughout the rest of the Unity ecosystem, eliminating fragmentation and unreliability of data. We apply mapping, normalization, and classification methodologies to make data ready for customer use across our data-powered applications and integrations. Let's take a look at how our harmonization process creates customer value.
Now that we've covered an overview of our AIoT data highway and demonstrated how easy it is to add an external data source, let's dive deeper so we can fully appreciate the inner workings of Unity under the covers and identify the true value being offered in this unique device-agnostic data solution. In this example, we will showcase how data harmonization across multiple data sources is being ingested and normalized to create a single dashboard for a maintenance manager, allowing him to identify problematic vehicles and stay on top of preventative maintenance, which will avoid costly repairs and prolonged downtime. Our maintenance manager is responsible for maintaining a mixed fleet that includes a combination of on-road vehicles and an off-road fleet of heavy machinery rented through a Cat dealer.
This is a very common scenario for our customers that we have solved for by allowing them to add connections for each OEM as an external data source. Any portion of the fleet that is not supporting an OEM data feed will be outfitted with a Powerfleet device. As you can see, we have a consolidated dashboard that makes sense of engine fault codes, overdue reminders, and overall vehicle health, regardless of vehicle or asset type, and highlights where our maintenance manager should be focusing his attention. Here, we have a Cat excavator. Our user can review and identify utilization and open fault codes that should be reviewed for service. Similarly, we can review a vehicle, such as a GM vehicle, that will show an overdue service reminder and a fault code needing attention.
With this type of data at the maintenance manager's fingertips, their job becomes much easier as they have the right tool for the job and can spend less time looking at paperwork and more time planning for critical service that could result in thousands of repair savings over the course of a vehicle's life.
Now we're going to take a deeper dive into Unity's AI and data science capabilities. AI is foundational to Unity's design and enhances various functions, such as predictive models for forecasting fuel and energy usage, scheduling maintenance, and assessing collision risks. Computer Vision, crucial to our video tools, which can detect cargo tampering, optimize space utilization, blur for privacy, and identify driver drowsiness or distraction. Generative AI, including our Aura assistant, which leverages a large language model and a chain-of-thought model. Data classification and regressions for data quality checks, segmentation, and risk assessment. Now let's see these features in action with back-to-back demos of FuelWise, Aura, and computer vision to see our AI solutions in action.
F or Powerfleet customers in the logistics and transportation industry, fuel consumption isn't just a cost. It plays a big role in their profitability, sustainability, and long-term success. Imagine not only tracking fuel expenses, but forecasting future consumption, running simulations, and planning, all powered by AI. That'll be cool, right? Welcome to our AI-powered tool called FuelWise. It is built from the ground up to meet the needs of fleet operators, financial managers, and executives. FuelWise is a highly differentiated offering, enabling senior leaders such as CFOs and CSCOs to set goals and run simulations across real-world scenarios. It provides them the actionable insights to see beyond the numbers. The fundamental idea is to unlock opportunities for fuel optimization that directly impact the bottom line.
In this example, we can simulate how reducing idle time and vehicle utilization have an impact on predicted fuel costs by reviewing past usage and incorporating seasonality along with prediction models to forecast our future fuel consumption and spending, allowing our customers to meet their corporate goals related to top-line expenditure and ESG initiatives. At Powerfleet, AI is at the heart of our Unity ecosystem, powering key components. Let's dive into a demo of our generative AI assistant, Aura, to see how it can help you save time and money. In this demo, you can see how Aura can help customer stakeholders on a busy Monday morning. Your first task is to get a quick high-level view of your fleet.
So you ask, "What's the size of my fleet today, and how does it break down by vehicle type?" Knowing this lets you assess resources and plan maintenance or availability accordingly. Now, while analyzing fleet usage, you notice something interesting with rentals. You ask, "Which top three rental cars have the longest trip durations?" And to get context, you need to know the closest city to each of these vehicles, plus their distance from it. Knowing proximity to a city can be critical for redeployment or quick servicing. Then a concern pops up. You've heard some trailers went into a downstate recently. It's time to zoom in and ask, "How many trailers went down near Miami, and what are their last trip details?" Details like the operator, trip duration, type, date, and vehicle ID can be invaluable. This helps you spot patterns or areas needing immediate attention.
Finally, as a proactive fleet manager, you want to dig deeper into your entire data set. So you ask something generic such as, "Analyze my entire data set and show me some unobvious summaries." This can help you find patterns by vehicle type, time-based breakdowns, or even insights into fleet utilization that could save costs or improve efficiency. With data-driven answers to each of these questions, you're ready to make confident, informed decisions that keep your fleet running smoothly and efficiently. Aura can be customized as a personal assistant to drivers, fleet managers, and customer service staff, helping cut down on time for installations and even provide a knowledge base for using the application. With AI-powered computer vision, our customers have installed various camera devices in the desired location of a vehicle.
These cameras can help us detect many events, which can then be harmonized with ML algorithms and internal and external data sets. Let's take a look at some cargo utilization and inspection scenarios and how AI can help there. Our logistics customers can monitor the utilization of the containers in transit. They can also track the condition of cargo during loading and unloading. For instance, cameras can monitor if goods are being handled properly or if any damages occur during transportation due to a cargo shift during transit. Our vision AI solutions can also help track the percent loaded to assist with maximizing shipments, the placement of cargo to ensure optimal use of space, and can identify when cargo has been unloaded. With these AI-assisted tools in place, we're helping businesses optimize asset utilization, reduce shipment damage, and improve overall operational efficiencies.
A cornerstone of our product strategy is to offer a single pane of glass for customers, a consolidated screen where they can access all their information, automate their operations, and manage tasks that drive business outcomes. We can see here the Unity application's pane of glass, bringing together applications that address the issues our customers care about the most across all asset types, including warehouse, on-road, trailer, and equipment together in the same screen. Each of these modules has been designed to allow a customer to adopt multiple SaaS products. As we engage with more customer stakeholders and as the customer's business expands, we can encourage and achieve multi-product adoption in all of our base, giving a clear runway for revenue growth through existing customers, as well as attracting new customer acquisition. Notably, our video applications present a rich array of opportunities for both existing and potential customers.
We now have the ideal mid-market AI video solution with FC Vision, as well as premium solutions for enterprise customers, all the way up to 360-degree full coverage for the highest value use cases. As we dive into a taster of some of the key modules for our customers in a series of demos across all these market drivers, I'll ask you to remember that we have a wide variety of modules that each warrant a separate 30-minute demo. So these are only some highlights in a couple of minutes for a fraction of the total value that we're delivering. Now we'll move on to a series of four demos in a row covering some of these key value areas.
Global regulatory agencies have mandated equipment pre-use inspections for the safety of those operating the equipment, as well as those present around the equipment as it is being operated. Powerfleet helps companies enforce inspections and digitizes them for an added benefit of real-time response to safety concerns and insights into pervasive issues. For warehouse equipment, drivers arrive at work and clock in, then head to a vehicle to use. The vehicle is immobilized pending validation of the driver's credentials. Once authenticated, the system prompts for the results of the driver's vehicle multi-point inspection. When the driver indicates a safety concern, Powerfleet drills into the details. Once the inspection is completed due to safety concerns, the vehicle is automatically immobilized, and a text message is sent to the maintenance team with the details for them to retrieve the vehicle, repair it, and return it to service. This real-time responsiveness ensures safety in the facility, but also minimizes downtime.
Periodically, the maintenance leadership team leverages the aggregated and normalized data within Unity to reflect on the level of disruption, vehicle conditions caused, and also what the top trending issues are, allowing them to plan ahead for future issues, retire unreliable equipment, or work with equipment manufacturers on warranty claims. The global AI video playing field has leveled over the last few years. Technology suppliers are all doing something similar, delivering the same value proposition at roughly the same price. Customer stakeholders are saying there's too much data and not enough actionable intelligence. In normal operation, AI video floods customers with video footage for events that the camera can detect, such as fatigue, phone use, distraction, and unsafe following distances. Drivers are also constantly bombarded with alerts in cab, which they tune out over time, reducing the effectiveness of the technology.
Powerfleet is disrupting the AI video space with Vision AI Copilot, the industry's first real-time risk-based approach to improving safety performance using AI-based video. Vision AI Copilot assesses hundreds of data points in real time, both on the camera and in the Unity cloud, to assess the risk profile of a driver. If the risk profile trends upwards and breaks the high-risk threshold, it alerts the driver and the customer operations team to trigger a real-time assessment and intervention. They can even utilize real-time tools such as live streaming and intercom to directly view or communicate with the driver, allowing the proper mitigation and avoidance of disaster.
Vision AI Copilot allows us to solve current customer pain points and differentiate in the AI video space, delivering real-time actionable intelligence by automating risk detection and alerting, while saving customers hundreds of hours of watching videos by taking away all of the manual work. Powerfleet's Pedestrian Proximity Detection solution uses artificial intelligence technology to detect people or selected objects in a forklift's path of travel. The solution is easy to install, configure, and operate. Most operators use our Pedestrian Proximity Detection system to generate two primary alert zones. A caution zone, shown in yellow, triggers a visual and audible alert for the operator when the zone is breached. The danger zone, shown in red, triggers a visual and audible warning when someone enters the vehicle's path of travel. For equipment integrated with our Speed Manager, a red zone breach disengages the accelerator pedal.
The pedestrian proximity detection system assists the operator in situations where people or equipment may be operating in blind spots, or the operator is temporarily distracted or fatigued. Each alert zone breach is photographed and timestamped. Our complete purpose-built platform can provide real-world decision-grade insights, helping you make more informed business decisions at the speed of business. All businesses need a new operational model to work with EV and future fuels. Powerfleet's EV sustainability module goes beyond weather and how a company can transition and is actually demonstrating the capabilities and the savings of EVs for each customer. By giving both a high-level overview and detailed requirements for senior and operational customer stakeholders, they can manage daily workflows and the importance of charging vehicles in a timely manner.
For management, there are clear and decision-grade KPI insights across multiple fuels, energies, and powertrains that illustrate the benefits and cost implications of changing to cleaner fuels. In this example, we are seeing on-screen an increased use of EVs, illustrated by the growing mileage and the use of internal combustion engines is starting to decline. Costs per mile are relatively static for EVs, but as we know, fuel prices can fluctuate and are significantly higher to operate. For finance executives and operational teams, Unity's EV data is saving them money and time every day.
These examples offer just a glimpse into the extensive value each of our modules brings. And those highlighted modules are only a fraction, just one-sixth, of everything we provide. Our compliance modules help our customers save millions by minimizing risk, while our safety modules contribute to saving lives, backed by numerous real-life success stories from our customer data, both in warehouses and on the road. Additionally, our sustainability and operations modules boost the efficiency of our customers' businesses, resulting in millions in savings that they can reinvest to fuel further growth. The last pillar of customer value we'll delve into today is how Unity sets itself apart through its unified operations ecosystem. This capability, made possible by our extensive harmonized data, allows us to integrate seamlessly with the business systems our customers rely on, enhancing the performance of the asset, the individual responsible for it, and the overall business processes. The range of use cases is extensive.
To enhance individual performance, we can integrate essential data into at least nine types of systems, including HR information systems, payroll, employee rewards, time management, training and coaching, safety and well-being, communication platforms, and performance management tools. All of these integrations ultimately empower our customers to elevate individual performance. When it comes to assets, we provide critical data for fuel card systems, third-party workshop and maintenance platforms, diagnostic tools, and systems that help enhance performance related to CO2 and ESG targets, as well as the platforms customers rely on for fleet purchasing decisions. We support all of these areas and more. For business processes, we integrate essential data into ERP, CRM, planning systems, and transport or warehouse management and inventory systems. We also supply crucial data to the platforms customers use for shipping their goods.
By unifying customer operations with data that drives optimization and automation, we become essential to their success, serving as the middleware at the heart of their most crucial business functions. Our unified operations ecosystem is extensive and continues to expand, strengthened further by our acquisition of Fleet Complete as we surpass 300 unique integrations. To wrap up, our final product demos will showcase three scenarios where we enhance the performance of assets, individuals, and business processes. We start with our integration into SAP ERP. Let's hear the customer value journey.
In this demo, we'll see how Unity improves the performance of all three of the asset, the person in charge of the asset, and the vital business process. Holcim is a global leader in innovative and sustainable building solutions with 63,000 employees across nine divisions and over 100 plants.
Holcim partners with Powerfleet for Unity integration into SAP to improve raw material and finished goods handling and shipment management to save lives, time, and money. The customer's critical business process starts with ERP planning in SAP for raw material and finished goods orders and shipments. Orders are staged in SAP with material and goods details, including destination and delivery date details. Orders are then released from ERP to transport management systems to generate shipments. Dispatchers are assigned shipment drivers and trucks to shipments with pickup and destination details, including origin and destination geofence data. Shipment data is exchanged with Unity, and Unity stages shipments with truck and driver assignments, automatically creating the origin and destination geofence to capture departure and arrival times. Unity uses truck gateway location and movement data to trigger and timestamp shipment start.
Truck location, speed, and heading data are all relayed to SAP in real time from Unity for ETA calculation and status updates. AI cameras and the IoT gateway trigger driving alerts when unauthorized driving behavior data is detected, for example, harsh braking, speeding, or drowsiness. In this demonstration, the shipment included two harsh braking, two drowsy, and one speeding alert along the shipment route. Upon entering the destination geofence, Unity automatically relays arrival date and time data, calculates and uploads truck usage data, and uploads driver distance and behavior data to SAP. This seamless bi-directional integration powers Holcim's key critical business process, with Unity ensuring continuous optimization of Holcim's business performance.
Now we'll experience why our cold chain solution and integration is mission-critical to our customers.
Easily and effectively integrating transportation management and cold chain IoT systems gives supercenter and grocery businesses the combined toolset they need to support and improve transport operations. Unity integrates across any cold chain platform to provide one single pane of glass for total business process and data integration. These operations simply can't perform their daily business without the complete and accurate data that Unity provides to their business systems, making us truly mission-critical. Automating trailer assignments and commodity temperature settings takes the guesswork out of refrigerated trailer management. Daily cold chain operations begin with starting and configuring trailers to ensure operation and adequate pre-cooling before frozen, refrigerated, and grocery goods are loaded at the origin. Unity simultaneously downloads refrigeration unit assignments to all addressable trailers and provides progressive status updates as commands process to completion and desired operation.
In the event of an issue, dispatchers use refrigeration unit status and alarm feedback and work with site support teams to resolve issues on the spot or reassign the shipment to another trailer. Identifying issues early and taking informed corrective action minimizes delays and prevents missed or delayed loading and delivery, which have the potential to ripple through daily operations. Integrating TMS and IoT management systems provides real-time data and status insights needed to ensure mission-critical processes and coordination stay on track with sufficient lead time to keep the heart of customers' cold chain operations pumping. Third-party platforms controlled by Unity follow the same process in Unity, consolidating all control and monitoring data for a single status endpoint. Unity archives all fleet monitoring data and control commands in a central cold chain fleet management system database for real-time and historical API fleet asset status and history data.
Customers can operate their business safe in the knowledge that Unity takes care of delivering their mission-critical data to the systems they use to power their business performance.
All right. All right. So I'm here to talk to you about the 20% growth opportunities that David spoke about earlier. And we're really going to talk about three key areas that we're really. Josh, sorry. Can we finish up the last piece? Steve told us to finish up. Oh, I'm sorry. I think the video didn't play right at the end. Oh, it didn't go. Okay. There was one more piece. We were just really excited. I was. Yeah. I thought that might have been you, Brendan, trying to get on stage. Are you able to get the video back to where it was? No. No. You're not in. Josh, come back on mute. Okay.
Can you put the mic on a second and I'll just finish up? So what you didn't quite see at the end there was the last demo would have looked into how we use our access control services to make sure that only the right people can access forklifts, which saves people millions of dollars. Because if people are using forklifts that shouldn't be able to in the warehouse, and they hit the racking systems, it's extremely expensive and there's huge risk to life. The final point to make really was you've just seen a fraction today of the full value that Unity delivers across all of Unity's key pillars. We'd have to do probably a five, six-hour session so you could see every single module, all the different features in action.
But I hope you got a really good flavor of some of the key critical value that we're delivering to customers. So thank you very much for being through the demo. And I'm going to hand over now back to Josh.
For the narrator. All right. So what we're going to talk about today is really the three core areas that we're really looking at in terms of really achieving this 20% growth that we've talked about. Number one, if we look at our Fortune 500 customer base, and we'll talk a little bit more about our customer base, these are extremely under-penetrated customers with less than 15% of those customers that are leveraging all three of our core modules today.
And if you kind of look to the bottom right, when it comes to the data highway that we provide for our customers, if you just kind of call back to the demos that you saw, the data ingestion in terms of being able to pull all that data in from disparate data sources, provide a single pane of glass for our customers. And then on the back end, what you saw, the ability to integrate to those critical business systems and really become that mission-critical provider, that middleware, so to speak, we become extremely sticky with our customers. And really what this does is a few things. Number one, it provides us that incremental ARPU in terms of every single data integration that we're doing on the front end is incremental ARPU.
On the back end, every single integration that we're doing to an external business system is also incremental revenue. And then we look at the data-powered applications on top, also incremental ARPU. But what this does is if we think about that single pane of glass that you saw earlier, the cross-sell and upsell is natural to our customers. They literally can't miss it as they look at that screen and they can see the in-warehouse icon grayed out. And as their business needs change and they need additional solutions, it's a very natural cross-sell and upsell. So when we kind of dive into each one of these areas, we're going to really talk about each one of these solutions in more detail, really the market drivers, the market opportunity, and ultimately the benefits for our customers.
But before we go there, when we kind of think about the overall opportunity within our customer base, many of these customers have needs that each one of these solutions really provides, so if you kind of look at this list of logos up here, if you look at customers that have trucks, oftentimes have warehouses and vice versa, so there's a huge opportunity to really go in and penetrate this existing customer base that we have, and now what we have is double the size of the sales team in these core key regions, these high-revenue, high-quality revenue regions to be able to go and attack these customers.
When we look at it from a Fleet Complete perspective, bringing in all of these additional partners, bringing in the telcos that Tony and the team are going to talk about a little bit later, that does become a sales multiplier for us. So in short, we have these core solutions, which you just saw demos for. These are really the solutions that we really see as helping us to achieve that 20% growth. We have the team to go out and actually attack this customer base. So really the first one, and I'll turn it over to Charles to talk about AI video, is the in-warehouse market. So a huge total addressable market, very under-penetrated today, both in terms of the overall market as well as our existing customer base. When you think about really what's driving this for our customers, it's really around safety and compliance.
So our customers, and Pat's going to get up on stage and say this much better than me, what's really driving this is additional awareness and additional focus on safety and compliance in the warehouse. And a lot of this has to do with really the dynamics of what's happening in the workforce over the last 10 years. The number of employees in the warehouse in distribution centers has doubled over the last 10 years. And with that has come more incidents, more fatalities, more accidents. And with that is becoming more regulation from organizations like OSHA. So if you look at the screen, there was $20 million in OSHA fines for lockout-tagout. Does anybody know what lockout-tagout is? Okay.
Lockout-Tagout is when they take a forklift into maintenance. They need to make sure that it's not operable so that it can't injure someone. This regulation, unfortunately, came to bear because they were having accidents, deaths that were happening in the warehouse. Just last year, $20 million in fines. Increased focus on safety means that when you think about all the regulations that are coming, our customers are willing to pay for these solutions. If you look at the bottom left and you see the ARPU that's associated with these solutions, it's quite high. It's $37 for the core solution. You saw the demo from a pedestrian proximity perspective. What that's really about is trying to prevent accidents and deaths in the warehouse through our AI-based camera.
That's an additional $125 in ARPU, and this is over a five-year term. So these are differentiated solutions. And what you see is there's less than five competitors. It's mostly the OEMs today. We are the only tier-one OEM-agnostic solution on the market. And when you think about the list of all those companies that you saw up there with the multiple divisions, multiple brands, multiple warehouses, they typically never have a single OEM. So that really sets us apart. And with all the key functionality that you saw earlier, it really makes it a compelling solution. From a market opportunity perspective, our customers are out there typically buying these solutions with new forklifts. Right? So just last year alone, there was 1.4 million forklifts sold globally. And what that amounts to with our base solution is a $3 billion market opportunity.
From a pedestrian proximity perspective, which we're just really starting to see a lot of momentum within our customer base today, we have less than 5% penetration. So within our existing customer base alone, there's a $300 million opportunity as it relates to pedestrian proximity. And now when you couple that with the great customer base that Tony and team are bringing from a Fleet Complete perspective, about half of those customers have warehouses. That's another $20 million opportunity. So now you can see why in-warehouse is one of the three core drivers in terms of really being able to get us to that 20% growth that we're talking about. So next, I'm going to turn it over to Charles to talk about our AI video.
Thank you, Josh. Great stuff. As we think about this AI video opportunity, I think the most important thing is to recognize that there's a huge TAM, and it's under-penetrated. Globally, it's less than 10%, and it's expected to grow rapidly. When we look at our base, and we've been in this business a while, our base is about 15% penetrated. And we see an enormous opportunity as this gains traction to take that to 40%. That is a significant opportunity. And as you saw in the product demos, we have a broad product portfolio and more than capable of capitalizing on this opportunity, right from the enterprise fleets, mid-market, and the cargo offerings that we have. We see an enormous opportunity to be able to harvest greater wallet share from our customers, starting with our core video offering and then being able to upsell them.
As you saw in the videos, we have our ability to upsell the Copilot solution and cargo solutions. These represent an opportunity to grab greater wallet share from our customers by providing them with solutions. And these solutions really are driven by safety. They are really needed. And certainly, a lot of our customers are looking to capitalize on these solutions and do so efficiently using the AI technology that we provide. As you heard in the demos, you no longer have to sit and watch videos or have services that are watching videos. This is all using AI to bring out the most important elements without having to trawl through lots and lots of video. And so if we look at the summary of this, really, we've got the ability to be able to expand globally, 85% of our existing customer base.
And this is driven by a certain demand in the market. And also then the upsell opportunity to be able to upsell our Copilot solution. And this is driven and fairly easy to sell, really, because the ROI is easily realizable and certainly very demonstrable. And then when we look at Fleet Complete acquisition, this, as Craig had been pointing out earlier, represents a great opportunity within their base, which is also under-penetrated. But in addition, the Powerfleet customers and prospects are certainly excited to gain access to the Fleet Complete products and offerings, and especially around the mid-market, easy-to-install video AI solutions. And so I think this is a good segue to Brendan, Brendan Horan, our GM of our Africa business.
Thanks, Charles. Do I just.
You just push the button.
Push the button.
Okay. So Unity, I mean, has anyone heard about this today? So I think Unity has been spoken about significantly during the day. I think it's been introduced. We've seen the metrics from David's side. Melissa's spoken about it. But it's a hugely exciting piece for our business. And since I came in as part of, let's say, the MiX side of the merger, and kind of Unity brought a new level of energy into a business that was kind of playing around, let's say, in the traditional telematics space, this has provided a new conversation, a new level of energy in the teams. And really, we're sitting at a position where we almost have an, I won't say an inexhaustible addressable market, but a uniquely addressable market. And it is really creating new revenue and greenfields opportunities in parallel to kind of the traditional telematics income streams. And I'll give you some examples a little bit later.
Our customers and the people we talk to globally are really reaching out and seeking out and craving a solution that just solves this problem of aggregating, firstly, legacy static data, historical data. They want this thing solved in real time, and Unity's bringing that to them. So they're able to take disparate data, put it together, and make quick sense of it. And so we are having very positive conversations every time we sit with our clients. We're getting demand from the clients. And really, there's a huge amount of excitement for what we're able to do with the clients. In terms of how we focus this, we have focused sales meetings, and we sit together as a global team kind of twice a week. It's something that we talk about constantly. We work out avenues as to how to drive this.
What we're seeing is that incremental revenue increase. In all the three facets of Unity, the data ingestion, the AI-powered apps, and the unified operations, we're finding opportunities at all these levels, and those increments are starting to kind of bear fruit. I think one of the specific examples I just want to talk about is we're working with a large global insurer. That large global insurer, on a daily basis, consolidates information from 18 different devices from 12 different service providers. That is done on a static basis and on a historical basis. The insurance industry is really trying to get ahead of accidents. It's trying to get ahead of information. Right now, all they're doing is kind of reading the news and telling you what happened afterwards. A lot of their work is around repudiation. Whose fault was it?
I blame you. You blame me. The driver was bad. And then they're trying to fix the problem from not happening again as opposed to not happening before. And so where we are able to take Unity is into kind of a near real-time scenario where we can prevent things from happening, which drives a massive amount of value in our economies, whether it be safety, whether it be saving, whether it be efficiency. Another great example that we have is we run a live Unity operations center, and that serves customers in multi-language in multi-countries. And we're able to take now data feeds from multiple service providers and, again, either speak to drivers, speak to fleet managers, speak to asset owners about what is happening in real time with their fleets.
And so these are some very kind of simple but very, very compelling examples as to how we are driving the process and how we are driving the uptake of Unity in our business. What we also see is that when you create that wrapper of Unity with your client, the retention piece starts to kind of become a lot more tangible. And so churn reduces. And really, what we see is a significant contribution to the net dollar retention and the revenue growth that David, Melissa, and Steve spoke about and how we take the business into that 20% kind of growth level and transition from that EBITDA business to that high revenue growth business. So it's a very exciting space. And I think there's a five-minute coffee break coming now. But Jonathan, where are you? So John, are we happy to take the break now?
Quick coffee. And then we're going to come back. And then we've got some panel discussions, which.
You ready, Carl? They'll hand us mics.
Jose, can you remove this? We're going to remove the podium. You're on second floor? Yes, sir. Yes.
All right. We ready? You put me on cue.
Yeah. I mean, I'll just listen to you, so.
No. And I think, as you guys hear from, like we did last time, right? Yeah. So you'll hear from Peter, and then that'll spark something. And it was pretty organic last time. Yeah. So we're almost at time constraint now?
I mean, we'd rather this take more time. I mean, I think even if we're a little late for the day, that's okay. Now we're going to bring Unity to life. Q&A, right? It's close to it. It's close to the Q&A.
So we're not surprised by the fact that it's been a little bit of a slow down. So we'll just bring this in. So we're getting people from API, and we've called me and my colleagues on the table. I get John on the main stage in his presentation. And I'm like, "Hey, man, you're like in my business. You're like in my lane. Get out of my lane." Yeah. So DV, that's kind of. Yeah. Yeah. So what happened? 2030. We're spending billions right now on redesign. We're going to have to redesign the vehicles and our plants to make them that way because instead of that, Toyota's position, let the customer decide. Do you want to sell hybrids? Do you want to sell plug-in hybrids? Do you want to sell plugs?
It's like, we want to be the best in the market and let the customer wants.
I like that communication through iHubs and nodes. Yeah. I'm Pat O'Regan . Yeah. We look forward to talking with you afterwards.
I'm saying you have some great Toyota in Japan. Dispatches.
I don't know about. I'm sitting down here. I think we want to lay down. Yeah. I don't know. Footstool here. I can stick a nap or a pat. Rigale's Maroon. That's what I'm holding over here too. Yeah. It can't be bent or turned over here. Yeah. He's my son. Is it a group? Yes, I can. You tell us. Sorry. You tell us when you want to try and we're going to try. When everyone's back. Okay. Yeah. I don't want to stop talking if it doesn't work. It's not a low-risk proposition, I don't think.
Josh, I need some water. Well, you can put it on the screen. We don't have to have a bottle of it here. So it doesn't come with a bottle. He has that frozen. Yeah.
Everybody ready to settle back down for our panel discussions? So very quickly, just before we start the panel discussions, we did just want to finish off the piece that got cut before. So there's two more minutes of demos. We just want to do this because we think it gives a really nice wrap-up to the Unity story for today. So if we can, the technology will prevail.
Delivering their mission-critical data to the systems they used to power their business performance.
This demo illustrates how Unity improves the performance of the individual in charge of customer assets through unifying vital data with the customer's HR system. In this example, the customer needs to ensure compliance between which employees have the right certifications to operate each different type of asset, a problem of both risk and solving for many hours of inefficient manual process. The safety manager accesses Unity's in-app ecosystem to identify the enhanced access control solution they want to implement. The Cornerstone Learning Management System is selected, which identifies the off-the-shelf API services Unity will integrate with for operator, equipment, and certification data. The ecosystem presents the safety manager with an overview of the enhanced access control solution, including key features, solution summary linked to the solution brief, and the next selections. The safety manager proceeds to the integration.
Warehouse managers and safety managers use standard LMS workflows to assign operators to organizations and cost centers, equipment types, and training requirements. The LMS to Unity operator data feed creates and updates the Unity access control system with operators' assignments and sets up the right incremental proficiency procedure in line with customer policy and legislation for new and existing operators. Equipment operators use one single corporate proximity badge to access facilities and equipment they are certified and organized to operate. A forklift operator will swipe their badge. Unity assesses the operator's equipment, organization, and certifications to deny operator access to an unauthorized milling machine. This type of integration is key for customers with warehouses, as the risk of an operator using a machine they shouldn't be, then causing millions of dollars of damage or risk to life, is vital for customers to mitigate against. Unity gives them peace of mind.
After exploring several real-life examples of customer value, we can step back and look at the bigger picture. When considering the return on investment for a Unity customer, the key takeaway is that no matter where they start within the ecosystem, they achieve ROI quickly and in a tangible way. This is a primary focus for our go-to-market team during the early stages of customer adoption. Unity's commitment to agnostic data ingestion and enhancing business systems with mission-critical data leads to rapid, measurable ROI. This value is also reflected in our data-powered applications, with customers typically experiencing a 4-6x return on investment and even higher as we drive multi-product adoption. This will be a key topic in our next session today. That helps. Okay. Now we're on. All right. Team, thank you for joining us. You've come from various distances: Kentucky, Tennessee, South Africa.
So we appreciate you making the journey. And we've all been really looking forward to this session today. And thank you to my co-host, Brendan Horan, our GM of South Africa, for joining us here. So I guess really just to start out, if you could each just provide an introduction to yourself, what you're responsible for in your respective business, and the asset types that you're predominantly responsible for. And I'll start with my friend Pat here. Sure.
So good afternoon. Pat O'Regan from Toyota Motor North America. So safety engineer work with getting access to our forklifts, tow motors, other equipment, both in our manufacturing facilities and then in our warehouses as well.
C arl?
Carl Schultz, IMC Logistics out of Memphis, Tennessee. I'm the vice president of IT, responsible for transportation and logistics core solutions.
As far as the assets for which I'm responsible, that includes trucks and non-powered intermodal chassis.
And Pierre?
Thank you. Good afternoon, everyone. Maybe just a bit of a longer introduction. From an investment community point of view, when it went well with you investing in this business, it didn't go well with me, and vice versa. I used to be the managing director of a company called Ctrack. It started at the same time as MiX Telematics. It was 40 years ago. I think I was 10 at the time when they started. We sold that business to a US company called Inseego, their old Novatel Wireless business. I worked for them as their global VP on new business for two years on an earnout.
went into a bit of a sabbatical, became the CEO of a company called Netstar, a telematics business that operates globally, responsible for global expansion. I did a lot of OE work, OEM work. I left the industry. Eighteen months ago, I was called in for the turnaround of a business called Mobalyz in South Africa. It's a company that holds three brands. The one is a taxi financing brand. The other one is a second-hand car finance brand and a service component as a third. We represent an organization where the taxi is a shareholder, 240,000 taxis in South Africa. We finance to the tune of 500 second-hand cars a month. We service vehicle asset finance books in South Africa. We collect on their behalf. We distribute on their behalf, and we recover on their behalf. That's what I've been involved with.
A former competitor and now a customer. Well, welcome back. Maybe with that, Pierre, if you could talk about why did you choose Powerfleet over some of our competitors. Well, I think we've got five suppliers into our business from a tracking and recovery point of view. Maybe statistically, maybe what I can tell you is of the 35,000 taxis that we finance, on your side, our uptime is 87%, and the other suppliers are sort of south of 50% and 40%. Very reliable hardware stack, especially on your backup devices, really relevant to the South African market and the industry we operate in.
Great. Thanks, Pierre. Carl, maybe same question to you just in terms of how you came to Powerfleet and what made you start with this partnership.
I came kicking and screaming to Powerfleet. My stakeholders love the Powerfleet product, and they introduced me to it. Through the efforts of due diligence, which is part of my job, we determined that it was a fantastic solution. We were very happy to add it to our portfolio of products that we support.
That's great. Pat?
Our relationship started with ID Systems. We were using it primarily for just access control that we had operators were supposed to be on there. Then when we started to look at it, it had a great opportunity for impacts. What we do now is not only are we looking at the number of impacts that we're having within our plants and other places, it's what were the reasons that we had the impacts so we could use the data.
And then the way we've normalized it, and this is just to show you appreciation for voice of the customer when we talk about partners, is we said, "If we just look at impacts, then we're looking at our biggest vehicle plants. But if we try to normalize it in a way, how can we do that?" So something that didn't exist, but we asked Powerfleet, like, "How about motion hours? Set a key on hours where somebody could trick the system. Let's look at when a vehicle's in motion." That way, regardless of fleet size, regardless of the plant, we could actually see how are they doing as far as impacts per 100 motion hours.
So by using that and showing it each day and then investigating what was the root cause, what we could do to countermeasure it, over the four years that we've been visualizing, we've reduced impacts by 85%.
Wow. That's a great stat. Carl, do you have another stat like that?
I don't have any impressive stats like that. No.
Maybe, Carl, if you could talk about we've heard a lot today about how Unity delivers a single pane of glass. I think we've said that about 10 or 15 times today. If you could just talk about how does that really help your business today? Maybe what are some of the specific business challenges that you faced where Unity really made a difference?
Yeah. You guys have said it 10 or 15 times today, and I'm ready to sing it from the mountaintop. We love Unity. I mean, it is a true differentiator for us. So like you guys, we're acquisition-minded. And every time that we pick up a smaller trucking operation, we pick up whatever product they have, whatever platform they have. So over time, we have this motley collection of different providers. But Unity provides a single pane of glass for us so that we can leverage the ingestion and the harmonization aspects of Unity to give our operators, our managers, fleet managers, maintenance supervisors, etc., absolute visibility to the totality of what they're responsible for. So we're very pleased with being able to bring all of those different providers under one pane of glass to accelerate our ability to manage them effectively.
That's great.
Josh, if I could just pick one up here. And Pierre and I have known each other for many years in the industry and even people in our business. There's a lot of relationships that go back a long time, and we're sort of in the early stages. Pierre's taken on a new job. He's taken on this management team have taken over a really high-volume, very challenging environment, and we're probably at phase two of many phases of kind of getting to leveraging Unity to its fullest. We chatted this morning at breakfast, Pierre, and maybe if you could kind of paint a bit of a path as to kind of where you see us working towards and getting to potentially with all the different facets of your business.
Yeah, so I think context is important here, Brendan, so we finance taxis. We run it through a credit rating and scoring model, and we sort of loan it back to the capital providers. The majority of the taxi industry in South Africa is unbanked.
It's a $65 billion cash industry annually. And what we do is we use the telematics and the platform to inform our credit rating model. It's a bit of a different twist to the standard telematics industry as we know it. So you don't pay us. We come and collect, and we come and recover the asset. The quicker we could recover the asset, the better condition we find the asset in, the lesser our reproduction cost of the asset. So it's all about cost. It's all about efficiency, and it's all about compliance. There's about 16,500 associations in South Africa, 240,000 taxis, and they transport 15 million commuters a day. Is it an important part of the South African economy? Yes, it is. They transport 80% of workers to work on a daily basis.
Yeah. That's great. It's just a great example of Carl, you kind of bringing in data from multiple telematics providers, solving a much different use case than Pierre. That's great,
But in the nameplate on that, is there a certain nameplate that they prefer in South Africa for those taxis?
They call it taxis, yeah.
I think he's asking if they like Toyotas. Yes, they do. Thank you. We were having this chat earlier, and I mean, the robustness of Toyota. So we're just giving Toyota a bit of a name.
We all love Toyota. Sponsored by. Okay, so Pat, I guess kind of on the safety and risk management front, you kind of hit on this a little bit just in terms of the impacts and the motion hours.
Maybe just how has this really helped in light of kind of some of the regulations that I was talking about in terms of OSHA's continuing to get more and more stringent in terms of some of the compliance that your business and other businesses like yours really have to go through. How has kind of Unity and the safety and compliance solutions in particular really helped you there?
What really helps is instead of having people's certificates sitting in somebody's desk drawer, you could pull it up electronically. So when something bad happens and OSHA's there, you have to be able to show compliance, and like Jonathan was pulling up in the video there, we're not just using our vehicles. We're also using our shops, so people can get hurt using bandsaws. Are they authorized users of the bandsaw?
If they get hurt, first and foremost, we don't want people to get hurt regardless. Okay. They weren't following the rules. That's still on us. That's still one of our team members that's hurt. But by using the lockout-tagout that you were mentioning, that's part of it is while each team member is supposed to de-energize, put their own personal lock on it, everybody's working on the piece of equipment has all locked it out so that it doesn't happen. Are they an authorized user? So by using that, one of the things we're trying to do, and it was mentioned there, is get the API.
So whenever some team member takes the training, goes into Toyota Learning Center, if we could use the API to transmit that to the Powerfleet product that's keeping them from locking it out, then it's that much quicker versus waiting on somebody to use a training roster to put it in to get it there. Because either way, the person's hurt, but what have we done as a company to try to minimize that? So that's something we're trying to do. Then the Japanese word for it is muda, or waste. Every place we could look at efficiency, we're going to do. And what are we doing to protect our team members first and foremost?
Yeah. So what you're describing is really what we talk about is in terms of unified operations. So, really kind of taking the data that we have, integrating that into your learning management system, kind of a bidirectional integration, which you're sort of starting with a couple of plants and then rolling that out globally. Yeah. That's great. So this one's for Carl. So compared to other solutions in the market, what would you say sets Unity apart in terms of driving results? Was there a specific capability that you found to be the most appealing and value-add?
Well, it works, and it works great. And nobody else was willing to do it, right? So you brought it to market. It was a wonderful idea. It was exactly what we were looking for. And we don't see anybody else playing in that space. Everybody is pivoting away from the commodity-driven sales of sensors towards leveraging data. But none of our other providers are willing to ingest data from another provider. They are not agnostic. And so I think the source agnosticism of Unity is a real differentiating factor for us.
And just to Pierre's environment, just to contextualize the complexity of, let's say, 50,000 vehicles with multiple service providers, with units that are either not working, working, to try and go and either refit that homogeneously with one service provider is a logistical nightmare. It's not easy to even get your hands on the one. So the integration piece of Unity provides a massive, massive efficiency. Pierre, do you want to add a bit maybe to that?
Yeah. No, no. Absolutely. I think apart from that, from a camera point of view, we sort of have our own camera network, access to 15,000 cameras, license plate recognition. So the combination of the telematics device, whichever the supplier coming into the platform together with our camera technology, we managed over a period of 12 months to build a new business within a business where we service vehicle asset finance books on behalf of other financial institutions. Generally, those service and models come at a you've got to come in at a cost of 3% or lower of installment rates raised on a monthly basis. Very thin margins to play with. You have to absorb anything that comes into your world. I think the flexibility and the scalability of the platform is something that's really attractive to us.
That's great. And so one of the things that I mentioned earlier was when we think about the partnership that we provide with our customers and really that becoming that data highway, having that single pane of glass, our hypothesis when we started Unity was it was really going to result in incremental sales of some of the core solutions that we have. And Carl, you told me a story a couple of weeks ago that I shared with some of our team that I thought was maybe worth telling.
Yeah. Absolutely. So one of the side effects of the Unity platform is it steals hearts and minds of the people who are using it, right? So in this particular scenario, we had a welder out working in our yard. He started a fire, right? And that didn't end well for us. So he burned up a load of sensors, right?
It was in an adjacent container. The heat just melted into this massive blob of plastic and copper and precious metals. But anyway, it was a total loss, right? And so they had an opportunity right then to specify what they were going to do differently, if they were going to do anything differently, right? So they could have chosen one of the other providers that's available to them. But because they're using Unity on a daily basis, they have completely lost sight of all those other providers. So it was a no-brainer for them. We want to replace all of that product with Powerfleet products. So they're completely sold on the platform and the product.
I think we wrap it there. Yeah.
How do you come back from that?
So, kind of looking forward, so we have some particular use cases that we're solving for today in terms of the single pane of glass for Carl, Pierre, and Pat. When we look at some of the unified operations integrating into some of your business systems, where do you see really Unity going in your business? Maybe starting with you, Pat.
So Toyota's known for their efficiency and all. So we do that. But Unity probably will have the ability to look at efficiency and safety together. So when we're looking in a warehouse solution, we know what parts we need to be picked, put on trucks to get to dealers. But how is that route running? We're looking at pick order and timing, but are we looking at deconflicting traffic within the warehouse? So it's one of those things that when Carl's talking about platforms and putting things together and all, there's the ability to be able to do that. So a lot of this is like data ingestion you guys are mentioning. You have to have an appetite to do this. So it's neat that the ability's there, but then we on the consumer end have to have the appetite to choose to eat what's being able to be provided.
Yeah. So really, in summary, kind of taking the warehouse systems that you have today that are really driving productivity and really taking the safety element to that, kind of correlating those two things together, making sure we're not driving the operation too hard at the risk of safety.
And not just a warehouse, within our plants itself as far as delivering time. So we really do do a just-in-time system where, based on the vehicle we're building, that's what gets ordered to our suppliers, the whole route structure to get there. But within our plants itself, where we have 3,800 units operating, how efficient are we? And are we just looking at delivering in time? Are we looking at delivering in time safely? So it gives us something that we're not there yet, but at least we have a partner that's going to help us get there. Ye ah. That's great. And Carl, we've had a bunch of discussions in the recent weeks about kind of where you're thinking about going with Unity, if there's any examples that you think would be relevant to share.
Oh, yeah. Sure. That's what I'm here for, right? So I love the fact that we have three wildly divergent use cases represented on the platform today.
We're all using the Unity environment in different ways to advance our organizations. I just want to mention that one of the things that I find unique about Powerfleet and the Unity product, I want to contrast with my other providers. Look, everybody comes around for a quarterly business review. Everybody wants more of my wallet, so to speak, right? You guys show up with an interest in solving my problems, not just taking my money, right?
And so in one of those recent conversations that we were having, which I value greatly, by the way, we floated the idea of the fact that since you had such deep penetration into the OEM market, right, and that we're leasing equipment that has Powerfleet sensors installed on it, but we don't have line of sight to the data from those sensors because we don't own that equipment or pay for that subscription. So we discussed the idea, and I look forward to exploring this more deeply in the coming months, of a way that we could pre-authorize the sharing of data from authorized users through the people who actually own that equipment and pay for that subscription.
Yeah. So essentially, I guess for the group, taking the network of the chassis providers, the leasing providers that we have today, and being able to say, "Can we authorize visibility for IMC so that you get a whole picture of your entire chassis fleet, not just the ones that you own today?" And that would provide tremendous value in terms of increasing utilization and so on.
Yeah. I couldn't have said it better.
Just picking up on that partnering thing, that was one of the things when we would do our investigations. It's like, "How do we input that?" So we asked Powerfleet, who wasn't offering at the time. It's like, "Could we use that vehicle access control unit to go ahead and put that in there?" You guys put your heads together and said, "Yes, you can." So now whenever member of management goes to unlock a lockout event because they hit something, if it's obvious what they did, they violated our spacing rule, they put it in. So instantly we know what caused that event versus having to wait several days to get the safety report.
So it's neat that we have a partner that listens to the voice of the customer, which is one of the Toyota particulars, as we always talk about, is that you guys look to solve customer problems, which we appreciate.
That's great. Yeah. Pierre?
Yeah. I think all of what was said, perhaps some interesting opportunities from our perspective, I think, is the collaboration between the two data science components, the opportunity to develop new products to take to the market from a FIN point of view, from a FIN tech point of view. And perhaps the biggest opportunity now is our inability to scale and your ability to scale. And the reason for that is one of the largest banks in South Africa don't finance vehicles. And they've just decided they're going to do that, and they've selected us as their partner.
And for that, we need a platform that's scalable. No pressure.
That's great. All right. Well, I've been given the sign. So thank you to our panelists for flying in.
We're going to bring it home. Final session. Where do you want us? Right here is perfect. Thank you.
Well, good afternoon, everyone. I'm Tony Lourakis. I'm the founder and CEO. Can you hear me? Yep. Okay. Welcome to the customer and channel partner panel session. I think in this panel, the furthest traveler is from Edmonton, right? Edmonton, Alberta, Canada. Jodi Baxter, Vice President at TELUS, 5G and Industry Solutions. We also have Hardmon Williams from Dallas, Texas, SVP AT&T Connected Solutions. And Mark Blaszczyk, Manager Fleet Analytics at Asplundh. Short train ride from. Just outside Philly. Yeah. I think this is coming in and out. But please just give the audience a brief introduction about what you do for your organizations. And perhaps Hardmon, we'll start with you.
Sure. Happy to do it. How's the clarity of this mic? I should just check.
Oh, no. You're good.
Okay. Good deal. So good afternoon. I know you all have had a long and hopefully informative day. I'm Hardmon Williams, Senior Vice President at AT&T. I lead our global IoT business. We go to market under sort of a naming convention called Connected Solutions. So if I say that subtly, forgive me for slipping into the internal brand. But again, think about it as our way of serving IoT. As it relates to how we face the market and the industries of interest, Jodi will talk about her business at TELUS. It's very similar. We've got really two cohorts.
I would call one of them sort of next-gen transportation and the other sort of embedded industry. Fleet and car, those are probably the closest synonyms for sort of next-gen transportation. That's where our fantastic relationship with Fleet Complete sits. Tony's been a marvelous partner, and the firm has been in our family since 2011. We're pleased to have that fruitful of a relationship. We're excited about what we've been able to do in the marketplace. We're also really ambitious about, I think, obviously, congratulations to Powerfleet and what that sort of synergy should bring. We're excited to be here. Thank you for inviting us. We're super happy with the relationship. Mark's one of our best customers at Asplundh. We've got a growing relationship of collaboration with TELUS. This will be a good panel. Thank you.
Thank you, Hardmon. And great point you mentioned. Since 2011, it's pretty unheard of to have a partnership in this industry for that long.
Agreed.
Yeah. Jodi, over to you.
Hi, everyone. So I don't want to just repeat what Hardmon said because I feel like it's very similar. For those that are unfamiliar, I'm part of TELUS Communications, which is a Canadian telecommunications organization. And I've actually been there for over 25 years. So I've seen it grow from the traditional wireline, long-distance carrier approach, regional carrier to a global organization has been really exciting. And I think we've almost been partners with Fleet Complete almost as long as I've been at TELUS, it feels like. She had to trump you there, Hardmon. I think we go back to 2007. 2007. Yeah. So we were partners with the Fleet Complete family before IoT was IoT.
And so it's back in the days when it was called machine to machine. And one of the things that's been really exciting at TELUS and that I've gotten to be a part of that journey is we've moved from telco to techco. And we're really pushing on that agenda. And not only are we moving from telco to techco in the telco kind of industry world, which is really looking at data analytics and how you drive different data applications. We've also moved into healthcare and agriculture. So at TELUS, we really believe in providing solutions that are the number one problems facing people in the world, in Canada and in the world. So we actually, in the fourth quarter of this year, we will touch over 75 million lives with our healthcare applications. We're in 160 countries.
And then in our agriculture space, primarily focused on consumer goods and agronomy in the health side of it with animal health. We're in over 150 countries. So it's been a really interesting journey from growing from a 5,000-employee company that's primarily been originated actually out of Alberta to a global carrier. And then on my space, I'm responsible for, similar to my friends at AT&T, we've got a very similar approach and structure. I have responsibility for all of our embedded connectivity, what we're putting into the car, what goes into a device to create an IoT or a data-centric solution, as well as, we call them, industry applications. So I have industry solutions in my space. And my focus is really on the go. So fleet and then anything that is an asset that is moving, so asset tracking, fleet telematics. We'r e right now very focused on worker safety. That really makes the partnership with Powerfleet even more exciting because we see definite potential.
Amazing. Thank you. Mark, our partnership goes back, I think, about five years now. Start with perhaps a quick intro on what you do at Asplundh on a day-to-day.
Yeah. Sure. My name is Mark Blaszczyk. I work at Asplundh Tree Experts. I'm the manager of the fleet systems and the data analytics team there. For those of you who are not familiar with Asplundh, Asplundh is an around $4.5 billion privately owned company. We have approximately 50,000 pieces of equipment out there in the United States, New Zealand, Australia, and in Canada. From a telematics standpoint, I think we have just under 27,000 units being tracked today. So yeah, we've had this partnership and this relationship for just under five years. Started during COVID, and yeah, so far, it's been a great partnership that we've had both with AT&T and Fleet Complete.
Awesome. Awesome, Mark. For those of you that may not know much about Asplundh, I mean, they literally help keep our cities running and keep our lights on. They trim the trees around power lines and all that, and especially when there's an emergency, a storm, they're the first ones there to clear the roads and help get the other crews in there to keep things going, right?
Yep. Yep. That's correct. There's three lines of business. Primarily, it's the vegetation management business. So if anybody has ever seen the bright orange trucks out there trimming trees, that's Asplundh. That's about 75% of the business. The other parts of the business, there's an infrastructure side which handles poles and lights and trenching work. And then third is a corporate landscaping group. So Asplundh's umbrella really touches everything from that vegetation side to the infrastructure side, as well as the landscaping side. And again, all 50 states in the United States, as well as Canada and New Zealand and Australia.
Mark, if I could just pick on you a little bit here. You're our largest customer with over 27,000 vehicles and assets on the platform. And I think you're also one of the most impressive customers with the amount of integration work you've done. Could you share a little bit with the audience on some of the integrations that we've built on FC Hub and other systems?
Yeah. Yeah. Absolutely. I wish I knew about Unity four years ago, though, because Tony, Tony and the Fleet Complete team, we have manually or in an automated way built a lot of what Unity does, so we have a lot of our HR systems integrated, again, with 27,000 pieces of equipment and near 40,000 employees. Managing that turnover on a daily basis of people, new hires coming in or people being terminated or trucks coming in and moving between regions, it is a very difficult thing to manage at this size and this level where a mom-and-pop shop may be able to do that. 27,000 vehicles is impossible, so we have integrated our Oracle PeopleSoft systems into Fleet Complete, so we can automatically move vehicles between regions depending on what our HR system says, and then same thing with drivers and users in the systems. We have all of that integrated as well.
So then that way, when a new hire comes in, we know what state they're in, what region they're in, what trucks they have visibility to. All of that is integrated and automated, which is great. And then from the OEM space, we've been doing a lot of integrations. One we just completed recently was with Vermeer Chippers. They have OEM telematics on board that we've been looking to capture that data and bring it into the system. So Tony and the Fleet Complete team were able to help us integrate that, which was great. And then we take a lot of this Fleet Complete data and send it outside of the system too, to our fleet maintenance systems, to our license and registration teams, and a lot of different groups throughout Asplundh that use this data so we can really drive our business forward.
That's fantastic. Mark, maybe just tying to the AT&T partnership, share a little bit about FirstNet. And maybe Hardmon, you could share a little bit about FirstNet too and how that was important as part of the combination here.
Yeah. Sure. Absolutely. So yeah, with Asplundh and AT&T, FirstNet, the Asplundh company is part of the Emergency Responder Network. So in a case of an emergency just recently, I'm sure Hardmon, you dealt with it with Hurricane Milton and Helene or everything that ripped through the Texas areas. Asplundh being a FirstNet provider, when those towers and the cell networks go down, Asplundh is able to, through the AT&T, be uplifted to the FirstNet. And we're able to be with the Emergency Responder Networks of ambulances, police, and fire.
So then that way, when we were doing our hurricane recovery or we're driving down to Florida or Texas, wherever we're at, our crews are still able to be seen. We're still able to upload data and information to our utility customers. That's a huge win for us because when we're down in Texas or Florida, Louisiana, we're looking around, everybody's scrambling. Asplundh's down there, and we're steady state, and we're rolling, and we're able to produce all the information and see visibility of our crews in a horrible, devastated area. That partnership with AT&T and FirstNet has been real huge for Asplundh.
Yeah. The only thing I'll add, Mark did it perfectly, but I mean, if I just look at the relationship between us and Fleet Complete, that's one of those attributes, being able to have it be FirstNet certified, that has increased the opportunity and the value proposition with our customers. I think he just illustrated that quite well. Thank you. Again, I think our ability to be able to have FirstNet as part of our portfolio, then have it sort of manifest in the way you do your business is wonderful for us.
Awesome. Awesome. Thank you. Next question is for you, Jodi. What excites you about the current and near-future market drivers related to IoT?
Besides, I have so many questions about this FirstNet integration.
We got you covered.
Yeah. Sorry. Repeat the question.
Oh, sorry. I was just asking. What excites you most about current and near-future market drivers related to IoT and maybe for you in particular on the industrial side of things? Yeah.
Yeah. So one of the things that is actually a little bit unique in Canada to the United States is how we manage our spectrum. And what that means is we have a different approach to how we manage private networks. And we're seeing a tremendous growth in private networks in the Canadian market. And the first foray into private networks, of course, is energy and mining. That's kind of the space in Canada. So we have a lot of that. And we've seen tremendous growth. But where the next piece of it is, is in manufacturing.
And so when I heard about the Powerfleet and the Fleet Complete integration, I was really excited because Powerfleet has a number of manufacturing applications that I think are really suitable to my private network space. And so lots of the first conversations got me quite excited about what we can do to just grow the business and make it an even broader business organization. I think the other thing that really excited me about this is the approach that Powerfleet takes to your Unity platform and the integration of different applications into the Unity platform. It just strengthens the solutions that we have ourselves and what we use with Fleet Complete and then how we can bring those together under the Unity platform. I'm really excited to see and explore what that can do.
Oh, that's a great answer. Thank you. Perhaps the same question to you, Hardmon. What excites you most about current and near-future market drivers related to IoT?
Well, I mean, I think the first observation I would offer is we're in a, I mean, this is a material industry, and so you pick your analyst view. I mean, this is a super high CAGR business, IoT, that Jodi and I are fortunate to be able to run businesses in. And then if you double-click inside of that, Fleet certainly has one of the more promising trajectories, so first, I think I'm excited because I think we're in a growth business. The second point, though, is for us, we're a connectivity company. I mean, that's the thesis of our company. And if you look at the way we go to market with Fleet, whether it's with direct distribution or indirect distribution, we're trying to maximize the connections.
One that I think we've got work to do, Tony, candidly, is on video. So if I had a theme, if I was early announcing a theme for my team, tune into our December all-hands call, right? It'll be something like the year of video. And the reason is probably twofold. One, it's a connection. So as we go out and we bring a proposition to a customer, you obviously have the telematics unit. You then have potentially the asset management unit. But you've got, obviously, a video asset as well, whether it's dual or singular. And candidly, before we've seen some of the advent of what we've seen with artificial intelligence and what you all have done really, really well with certainly the dual camera, is the ability to synthesize that information has been a little more cumbersome.
But now, with yours, especially the—and I won't get the naming convention right—I think it's the standard camera, right? You've got some embedded AI functionality there. Our salespeople have said that's brought needed utility that our customers have asked them for. Seatbelt detection is one that the team brings up as I talk to them and hear about that, so video, video, video is sort of kind of what is driving my excitement on kind of the next phase here, but again, it needs sort of the power of artificial intelligence and complements to you and Fleet Complete, and I'm sure we'll see more with Powerfleet. You all have elevated the ability to do that in a way that's efficient for us as an operator.
It's music to my ears, Hardmon. And maybe double-clicking on that, I imagine one of the other contributing factors of that being important to you is the high ARPU, high stickiness in comparison to other IoT lower-cost solutions, right?
Withhout question. I was trying to be modest. Yeah. Selfishly, that's creating a higher-value customer. And that's certainly good for any business.
Awesome. Awesome.
Yeah. I was just going to add, when he was talking, I'm like, the value of video is that it uses the network, but it's actually a real 5G use case. So
it's a good point.
If you think about 5G, I don't know how much the Powerfleet team has heard about it, but it's a big deal. And there's a lot of investment that have gone into 5G. There's not a lot of use cases. But when you think about video and the analytics and the AI that comes into that, that is a really exciting foray into the future.
Awesome. That's a great addition, Jodi, for sure. Mark, we've talked a lot in the last year about one of the major themes in your organization related to the fleet, and your corporate objectives was to improve the utilization of your fleet. Having so many assets, that really moves the needle in a material way. Could you maybe share a little bit about the story of this year and how we've done there together and how it's helped the business?
Yeah. Sure. So earlier this year, we did have a push at Asplundh for our utilization to be lowered or, sorry, to be higher than it is today. So, myself and my team, what we did is we went into Fleet Complete and we did gather a lot and a lot and a lot of data to start building out certain reporting and insights into our fleet to understand the utilization of it, of our trucks, the idling time, how much they're driving, and then the opposite of that, which ones are doing none of that. So when we take that data, we had a good clear picture of what our utilization currently is and then what our goal is of where we have to drive that. Ultimately, the goal for us is to keep our CapEx numbers down because generally, we buy a lot of this equipment throughout the year.
But if we have a lot of spare units sitting around or underutilized units sitting around, we don't want to go buying new pieces of equipment when we can start transferring equipment around. So we have used the data very deeply to build a good model at Asplundh that we update regularly. We do take our fleet data, but from a Unity standpoint, we take our HR data, our hours, timesheet data as well too. It's separately on the outside. But seeing the benefits of Unity is having all that together in one location. It makes the model much easier and a lot less time for my team to have to develop these things. So while it's a good use case for us that we were able to improve our utilization of our fleet and keep our CapEx numbers down, there's still a lot of work to do.
And next year, we're going to have a very large push as well on the off-road side of the units to see if we can help improve that utilization too. So a lot of this data, a lot of the telematics information and the insights that we see, we're able to drive these projects and see major cost savings at Asplundh.
I mean, huge impact to the business, right? I think this is a many-figure impact movement.
It's in the millions, yes. For sure.
Just a very small move of that needle can really do a lot. And that's the excitement that we have for Unity and a lot of these other things is how much further can we move that needle? And I think that's the goal we're driving for in 2025.
Super. Thank you. Okay. Per haps next question to Jodi. You've touched on a few things today about the excitement around the Powerfleet, Fleet Complete combination. What else could you add? What excites you most about the combination and the future possibilities?
I think the other piece that I found really exciting was the global aspect of Powerfleet and then what the Unity platform brings to the table for Fleet Complete. So as you know, we've been with Fleet Complete. It's like a longer than most marriages. So we're heavily endorsed with the Fleet Complete family. We know Tony personally in the organization. He knows most of our executives. And so what I think we're really excited about is when Tony called me to tell me about the acquisition by Powerfleet, I was really excited for what this meant for Fleet Complete. I think what it does is it brings the scale to the next level.
It increases the capabilities that Fleet Complete can come to the market with because Powerfleet has its own wealth of solutions and capabilities. And then, I mean, we've had conversations about the Unity platform. It sounds like Asplundh is seeing some tremendous successes already. We're really eager to see how that platform can actually transport us from solution selling to integrated solution selling. And so that's, I think, where I'm the most excited is how do we move from just selling a fleet telematics or a video telematics asset into something that's more encompassing?
That last part, you tipped right on kind of what I was thinking when you gave us the insight in terms of the merger. And I was like, "Wow, the innovation that this maybe could create," which is what I think you were, Jodi, just kind of intimating there at the end. That's probably one of the things that excites us, right? Because again, not as long as the marriage that Jodi uses as an example, but long enough, 2011. I'm looking forward to, "Okay, how do we refresh this and be able to go out into the market and show maybe a new sort of variant of this?" I know we have the FC Hub, and it's been fantastic. It's a wonderful platform. But just for us, that's innovation, which I think then leads to more of the growth that I was talking about in terms of the industry.
I'll tell you both as our channel partners, maybe the one thing you might not appreciate as much because I think we did a decent job shielding you from this is we were limited in our capital deployment capabilities. One of the things that excites me most about the combination is the investors' and board's support and Steve's support to invest in growth, and so I think you're going to see us dial it up big time, so.
Yeah, and again I certainly don't have the insights that you do on that point of view, but capital allocation is obviously always something that comes top of mind when you're a partner like Jodi and I are, and so we share your zeal for whatever is coming in that way.
Your teams were always great to ask us for more and more sales investment over the years. That was always on our radar. Really did, Dave. I'm shocked. It was always on our radar. But now we've told them we're going to bring more. So it's quite exciting. Mark, I couldn't help notice during the demo, I could see the wheels spinning. Share, perhaps, what excited you most about what you saw and learned today.
Yeah, sure. There's really two. I mean, one was the integrations. And I think I touched upon some of what we've done manually through these years where having something very seamless done and per the demo was near four to five clicks versus years of pain. That's great. But I think the biggest change for me is really the AI piece. And Andrea, I was talking to you back there earlier today, and I said, "I don't believe in AI because I'm a data guy. I've been here so long, right? There's data quality. There's data cleaning. There's all these things that go on that I have a hard time believing in an AI model because of the pain behind the scenes." Through this demo, though, I will say my mind has changed.
The Unity platform, while there's still a world of data cleaning that has to go on behind the scenes, what I saw from Unity was it can help answer some complex problems that you have, but also the really simple ones that you do day in and day out that I saw on my team when the demo went through and said, "Tell me your fleet and the makeup of it and how many do you have." I can't tell you how many times my team has to do this for the 40,000 people in the field where if they're able to just go in the system and type in that question and get that answer themselves, that saves a lot of time for the support teams that have to deal with this, as well as it puts the power in the manager's hands and the people's in the field's hands that my analysts and my team can now work on more important things than doing routine questions and answers and analysis for people where that's all built in and standard.
So my mind has completely changed on AI just in a matter of a few hours here, that while it won't solve the world, it will save a lot of time and will help our field and the operations be more powerful in the decisions that they can make now.
Hearing, hearing. Right on. Right on. Well, Jodi, Mark, Hardmon, thank you so much for being here today and for traveling and being with us. Can you hear me now? Thank you. Thank you again.
Our pleasure.
Our pleasure.
Yes, thank you. Thank you for inviting everybody.
Thank you. Thank you all. Do we got it or? Ask one, two, three. One, two, three. Give him enough. Thank you. Hello. Okay. Well, thank you all again. I think as this panel clearly demonstrated and as Jarrad said earlier, we found the perfect home for Fleet Complete, and I couldn't be happier. I think we're going to pass it to you, Steve, now to make some. Oh Melissa some closing remarks and thank you all again. Thank you.
Thank you, Tony, and thank you to all of the customers and partners who participated on the panel. It was just such an incredible insight into how you use the solutions and the opportunity that we all have before us. So we run out of time. We'd love to take a few questions. It will just be a few questions because I know we're running a little bit over. So I would ask the Powerfleet team to come up and join us up here on stage. And please feel free to ask us any questions you like. We also have.
If you have a question and you're in the room, please raise your hand, and someone will come to you with a microphone for the benefit of the webcast. Otherwise, we will go to our remote audience who has given us a question. Okay, going remote. Someone's asking a general question. You've mentioned Samsara many times. You mentioned that one concern among investors is how you bring together a number of distinct software companies that you acquired. Samsara is a homegrown company. Powerfleet is like an already constructed home that has several additions and renovations. Can you talk about what the advantages and disadvantages that come with your history compared to Samsara? And can you please provide a few distinct examples?
Okay. That's a very in-depth question. So if we take a step back, first of all, so Samsara has a great business, and it has a great business, but a very small percentage of the overall market share because of the fragmented nature of the market. So we don't see ourselves in some kind of head-to-head battle. We feel that there's a real opportunity for us to be a credible alternative in the space to Samsara and other major competitors who exist. So I'll talk about in terms of Powerfleet and what this, I think it was a renovated house, brings. Well, I have a renovated house at home, and the value of that renovated house has grown substantially as we've added more and more things to it. So why the heck can't that be the case for Powerfleet?
We also bring a tremendous amount of domain expertise, a customer base across six continents, and a depth of solution set which Samsara and others will have a look at and I'm sure would agree with us is one of the, if not the most comprehensive solution set in the market, and we have been, I would say, an underdog story. Samsara has had, and others have had, huge investment capabilities. We found a way to be really scrappy to put this company together. What we are doing rapidly is harmonizing that company, so whether Samsara has been a homegrown company and hasn't had some of the complexity that we had, maybe we've had to find a more complex route to get to the position we have today.
But let's just say we'll enjoy the race from here in terms of our ability to retain, maintain, and improve our overall market share. So if you look at this team here, if you look at our partners and customers, if you look at the sentiment that we have now building in the marketplace, then I think we've proven the fact that we can be a very credible alternative. It is not a one-player-wins market, but we will take our share. And if you look at it from a valuation perspective, I'm sure as we continue to execute, our ability to grow our valuations will change dramatically in the future months and years. So from an investor point of view, I think we're a very nice bet to place.
What we've tried to do today is really show the substance as to why the industrial logic of this as an investment hopefully makes tremendous sense. There's a question there. Hi, I'm Terry Ledbetter from Copion. I'm still struggling to understand the relationship between FC Hub and Unity and how FC Hub accelerates and just how these products are going to mesh. Yeah. Great question. The data highway capabilities, the new state-of-the-art flexibility in terms of ingestion, in terms of integration, we have built state-of-the-art over the last three years. We have the ability to insert the other platforms that we have inherited into that data highway system so customers can, from day one, be able to appreciate and use those value-added components. FC Hub, within six months, will be able to utilize and capitalize upon all of those value-added services.
We're already there with the mixed heritage platforms. What we're doing as part of the evolution of the platforms is moving to one set of data environments, one set of hosting and architecture environments, and that's going on in the background, and actually, the way that FC Hub has actually been built will accelerate our abilities to move to that, so some of the weight of the overall Unity infrastructure will come into FC Hub, so we didn't have time because of the motion of the likes of Samsara, because competitors were doing wheelies in the car park, getting those growth rates and taking share. We wanted to make sure that we didn't force a hard migration. We got to a point very quickly from a go-to-market perspective where the extra services could be consumed, and so this is a well-trodden path in terms of consolidation of technology.
But FC Hub, in particular, we think actually shortcuts our ability to scale the overall Unity data environment, some of the AI models we have, some of the integration capabilities we have. So just in the same way as the internal business systems at Fleet Complete shortcut our ability to where we want to go to, it also does with the FC Hub platform becoming part of the Unity platform, but also see Unity as an ecosystem. If you see the differentiated solution sets we've got, the different market drivers that we're working to, whether it's product side, whether it's solution side, whether it's software side, whether it's services side, Unity is a data ecosystem. So you build more and more capabilities within there under the Unity banner that customers want to consume in a consistent fashion.
Hi, Adhish Luitel from ABI Research. What kind of partnerships can we expect in the near future with OEMs, ISVs, or any mapping solution providers, perhaps, to provide more value?
Yeah. So look, we integrate today with over 300 different business systems. If you remember the wheel slides where we showed about the business process, we showed the human individual who's managing the asset, and we showed the asset itself, there are a number of strategic partnerships that already exist within that portfolio. What we look to do is, in each major territory that we play, is form strategic relationships with the providers of those technologies around those wheels, whether that is mapping, whether that is TMS, WMS, payroll, driver training, fuel cards. So our infrastructure in terms of our partner network is growing.
And we see the more access we can get to asset parks, the more lead generation opportunities we get, the faster we will scale the business. So you will see and understand and learn about a lot more partnerships coming their way. We've actually got a number of people saying now, saying, "We want to do a deep integration with Unity." That's a great place for us to be. And we see that network, that ecosystem goes into our partner base as well.
We have a question from the remote audience. How should we think about timing or linearity for deploying that incremental $10 million of self-funded growth investments?
Two years.
And then there's a follow-up question. For the Fleet Complete channel partners, can you talk about channel enablement over the coming year? What is the timing for getting those sellers trained and productive on the expanded offerings?
Greg, you want to take that one?
For the question, sorry, can we finish the question again?
What is the timing and plan for getting the sellers, the Fleet Complete channel partners, trained on and productive on the expanded offering?
Yeah. Oh, sorry. I thought it was on the expansion of the team, but getting the channel partners up and running on the expanded offering will take some time. They have quite extensive processes to create billing codes and SOC codes. But in terms of time, I'm talking about months, potentially a quarter or two. But yeah, it's already in progress.
And if I can just add to that, as Fleet Complete have described, as AT&T and TELUS have described, a lot of the penetration and work that's been going on has been within the mid-market space.
I think it's fair to say that all of your channel partners are excited about the enterprise opportunities that are there as well. So it's not about just taking the new solutions to the same segments within the telco partners. It's also about new segments where maybe Fleet Complete haven't been able to reach into as much. Do you just want to kind of cover that off as well?
Precisely. I think our solutions have been ideally positioned for that mid-market. So with the addition of Unity into the product catalog with the channels and the in-warehouse, I see us getting into the enterprise sales segments of our channel partnerships with a more profound offering, a more differentiated offering. So that's an area of the channel that we've had limited exposure to and success with in the past just because of how our products were positioned. So I think this combination enab es us to expand the channel that we work with within the channel.
Any other questions? Turn it back to Steve.
Okay. So thank you, everybody in the room. Thank you, everyone remotely, for spending significant time with the business today. Our mission here was to bring to life to you the transformative strategy that we've undertaken, to show our progress to date, and probably most importantly, to hear from our customers and partners and their sentiments towards the business. We hope you've really enjoyed the demonstration of Unity. We're very, very proud of what we're building. And the feedback we've had already is that we have a very, very comprehensive set of solutions that will help us on our mission to accelerate double-digit growth. So we thank you for your attention.
We look forward to being on the stage next year to update you all on our progress. And from a company that's currently valued at two times revenue, where a SaaS, good-to-great SaaS company would be six-to-eight times revenue, and the North Star of a Samsara with a 20x valuation of revenue, then we believe that we're on a very nice path to really creating something special with Powerfleet. We'll be in touch. We will continue to be transparent and open and straightforward. And hopefully today you've seen the authenticity that we demonstrate as a business. And I just want to say one final thank you to our customers and partners who we couldn't be more proud of being associated with. So really appreciate it. Have a great rest of the day. Thank you very much.