Cadec Press Releases

Cadec Global Receives Additional $4 Million from Thule Investments

Third round of capital infusion to fuel Cadec’s continued growth in fleet management market

MANCHESTER, NH – Apr. 2, 2009 – Cadec Global, a leading provider of advanced fleet management solutions, announced today that it has raised an additional $4 million from previous investor Thule Investments. The capital will be used to strengthen Cadec’s balance sheet and further fuel its continued growth and success in the burgeoning trucking fleet management market.

“We are extremely excited about the achievements of the Cadec team over the past year,” said Gísli Hjálmtýsson, CEO of Thule Investments. “Reception of the new PowerVue product has been exceptional, and the company continues to gain market share as evidenced by key wins such as Publix Super Markets, Inc.  Moreover, the company’s highly motivated management team coupled with a strong base of developers and customer service staff with decades of experience in the industry is a recipe for sustainable success and continued growth.  Cadec has a solid base of very happy customers, many of whom we were able to meet at Cadec’s Annual User Conference this past week. We’re looking forward to working with the Cadec team on the next phase of its growth and success.”

Cadec continues to innovate and secure key customer wins. In the past year, the company has achieved a number of milestones including:

• Completing its first major PowerVue implementation;
• Increasing adoption of its new Mobius Insight module, a new fleet intelligence application that expands business visibility and management of delivery operations;
• Being awarded a patent for its truck-specific anti-rollover technology, and applying for a patent related to its remote-engine shutdown technology; and
• Expanding its management team, including the hire of new CFO Tom Bassett.

“This is a great time for Cadec,” said company CEO Michael Baney. “Our extremely solid technology base, and our willingness and ability to do whatever it takes to ensure our customers’ success, continue to set us apart from other vendors. Our new Software-as-a-Service offering, PowerVue, is gaining traction and feedback from early customers has been extremely positive. This additional investment from Thule is a terrific endorsement of the progress we’ve made, and of the plans we have moving forward.”

About Cadec

Cadec Global enables mobile asset optimization, process automation and operations visibility through its advanced fleet management solutions. With over 30 years of innovation and experience in the trucking industry, Cadec enables transportation and distribution managers, fleet and logistics experts and business executives to reduce costs, enhance customer service, enforce compliance and safety regulations, and improve driver productivity. Cadec’s marquee customer list includes market-leading private and for-hire fleets across multiple industries throughout North America.

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Cadec, Mobius TTS and PowerVue are trademarks or registered trademarks of Cadec Global in the United States and other countries. All other trademarks contained herein are the property of their respective owners.