Powerfleet reaches preliminary financing agreement for South African deployment

Powerfleet has reached an agreement in principle with Rand Merchant Bank for a device financing facility primarily supporting its South African National Treasury deployment. The bank would pay upfront equipment costs and receive repayment through contracted customer payments, while Powerfleet would retain customer relationships and provide services. The asset management technology company reported $29.8 million in cash, cash equivalents and restricted cash against $291.4 million in total debt at September 30. The proposed facility remains subject to definitive documentation.