NEW YORK (
(FLTX - Get Report) had a successful offering on Friday, and the stock is already trading up. I'm with the CEO of FleetMatics, Jim Travers. So this company tracks trucks, essentially. Now let's talk about that, because I would think most customers like the idea of being able to know where their trucks are, where they're going, and be able to track them at all times.
Yes. They are. And the heart of what we do is really providing small-business owners the visibility to manage in their mobile assets and today, the majority of those customers have nothing in place to see what's happening with their mobile assets. We provide a SaaS
software as a service
-based offering to allow them to see actionable intelligence, very graphical, to allow them to understand what's happening with the vehicle, the time of location, distance, speed, and allow them to route them more efficiently so they can improve revenue and reduce cost.
Right. This is the kind of thing that a big company, like a
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does nationally, but for a small-business owner, they really don't know where to go to get help with this.
That's right. The bigger companies obviously spend a lot on information technology and tend to build their own. Small business doesn't have the time and often not the resources to go off and have a system like this. And that's where the SAAS model, the software delivery model, is perfect for this customer. It's easy to adopt, low cost, he can get into our system very easily, get the information he needs and start taking actions to improve his business.
Give us an example of a customer that would use your service and how?
Well a good example on the high end of our business, while we focus on the small-business owner, we do have a larger fleet offering.
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is a customer of ours today. We're very pleased with that contract being awarded to us this year. In their situation, they wanted to take our system and integrate it into their work order management system. They have a billing system that manages their service employees. And they wanted to integrate that into location. So that integration was very powerful. It gave them a lot of return on investment. And we're in the process now of rolling that contract out.
But a more typical customer would be like a
, which supplies forklift parts. They're 13 vehicles. Our average customer is really in the 20-vehicle range, so we tend to be in the smaller range typically. And again, in that situation we're providing visibility to that customer that he doesn't have today through the insight of very intuitive-based reporting that we can provide him to reduce cost.