Trackwell ADS Receives Funding for North American Expansion

March 31, 2009

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Trackwell ADS, the U.S. subsidiary of Iceland-based Trackwell, has announced an investment by Frumtak, an Icelandic investment fund comprised of the three major banks in Iceland and six major pension funds.

Trackwell ADS offers TrackWell Mobile Resource Management that includes a wide range of business processes that allow companies to better manage their mobile vehicle and workforce resources.

Approximately 300 companies in various business sectors are using the web-based service to manage over 2,000 vehicles and about 30,000 employees.

"We are pleased that the Frumtak investment will allow us to expand our sales and marketing efforts in the North American market," said Tom Lemke, executive vice president. "Our customers are excited to have available a low cost, easy to use, scalable system that has functionality only seen before in much higher cost and more complex systems," said Lemke.

TrackWell's technologies and its international acceptance were further acknowledged by a recent visit from Ólafur Ragnar Grímsson, Iceland's President. During the meeting with the president and TrackWell's Board of Directors, Jón Ingi Björnsson TrackWell's CEO provided and overview of the company, its current status and its future vision to President Grímsson.

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