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Eurowag acquires Hungarian fleet manager WebEye

Eurowag acquires Hungarian fleet manager WebEye

“Through integrated systems, we aim to reduce the impact of our business on the environment,” explained Martin Fohanka, founder of the company. Eurowag buys a 100% stake in the Hungarian company.

The acquisition will expand Eurowag’s customer base. The LSE will also be able to leverage data from up to 57,000 vehicles using WebEye products, which will help Eurowag develop additional payment and personalization tools.

Eurowag will immediately pay 38.5 million euros for WebEye, nearly 1 billion kroner. However, the amount may rise to 55.9 million euros in the coming years, depending on the company’s financial results. The transaction has not been fully approved by the relevant regulatory authorities in Hungary and Romania, and the entire transaction could be completed in the first quarter of next year.

WebEye operates in 12 European countries, generating 16.5 million euros (416 million kroner) last year and a profit of 4.3 million euros. Deals with telematics tools for freight drivers. At present, its products are used by more than 57,000 vehicles. WebEye was founded in 2001 by Pál Neméth, who still runs the company and was involved in the deal.

Last year, Eurowag generated EBITDA of around 57 million euros (1.45 billion CZK), a 22 percent increase over the previous year. Net sales were 125.5 million euros (3.2 billion kroner) and a profit margin of 46 percent.

Prior to the company’s entry on the Eurowag Stock Exchange, Vohánka had a 59.1 percent stake, and another 32.67 percent owned by private equity firm TA Associates at the end of last year. Eurowag’s services, which include refueling, transit fees, tax refunds, fleet management and financial services, are used by more than 350,000 vehicles in nearly 30 countries in Europe, Asia and the Middle East.

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