The recent flurry of mergers and acquisitions within automotive includes another move in the fleet segment.

On Wednesday, Element Fleet Management Corp. entered into a definitive agreement to acquire Autofleet. The companies highlighted this strategic acquisition positions Autofleet to leverage Element’s global resources while continuing to spearhead innovation within the mobility industry.

“This partnership represents a powerful alignment of two companies with shared aspirations and cultures and enables us to leverage Element’s commercial organization and leadership to accelerate new growth areas for the business,” Autofleet chief executive officer Kobi Eisenberg said in a news release. “We are incredibly proud to join forces with Element, a company that shares our commitment to advancing intelligent solutions within the fleet and mobility industries.”

Founded in 2018 by Eisenberg and Dor Shay, Autofleet boasts a skilled team of 70 professionals including developers, engineers and data scientists. Together with their team, they created a robust and highly scalable digital technology platform alongside optimized mobility solutions tailored for the fleet industry.

“Having previously worked with Autofleet and witnessed the common culture, commitment to clients, and focus on delivering impactful results that our two companies share, we are thrilled to welcome them to the Element organization as an integral part of our business,” Element president and chief executive officer Laura Dottori-Attanasio said in the news release.

“We are confident their expertise will enable us to fast-track the modernization of our digital capabilities, enhance our ability to scale our core business more quickly, and ultimately deliver increased value to our clients and shareholders,” Dottori-Attanasio continued. “Together, we will move the world through intelligent mobility.”

According to the news release, Autofleet will continue to operate independently post-acquisition, allowing the team to focus on developing innovative solutions that meet the evolving needs of fleets across a variety of industries.

“Our Autofleet journey started with a vision to empower fleet owners with advanced technology to optimize fleet operations,” added Shay, who serves as chief technical officer of Autofleet. “This acquisition reflects our success in building a world-class optimization platform and will allow us to continue to deepen our innovation and service offerings.”