WOODCLIFF LAKE, NJ – July 5, 2022 — Powerfleet, Inc. (Nasdaq: AIOT) a global leader of Internet-of-Things (IoT) solutions that manage enterprise assets for seamless business operations, today announced it has been selected by AXA Seguros, one of the largest insurance companies in Mexico, as a preferred partner of its fleet technology solutions. Led by Powerfleet’s Mexico subsidiary, Pointer, the partnership will look to help AXA strengthen its value proposition with the commercial heavy-duty fleets segment by helping customers improve operations and risk management through advanced telematics.

After a successful 60-day trial, AXA Seguros recognized the added value Pointer by Powerfleet MX solutions brought to help them differentiate from the competition in the commercial fleets segment. Vehicle theft is a significant issue in Mexico. By being able to offer a reliable stolen vehicle recovery (SVR) solution along with fleet management solutions, AXA Seguros can help its customers mitigate their risks and improve safety and operational efficiencies. AXA’s Actuary and Business Intelligence teams collaborate with Pointer by Powerfleet MX to provide top-of-the-line security for risk management and accident and theft prevention. In addition to its fleet operations technology solutions, AXA Seguros offers fuel management, real-time location tracking, optimized routing, truck status, and driver behavior management through its partnership with Pointer by Powerfleet MX.

AXA Seguros outlined three main reasons for their selection of Pointer by Powerfleet MX as their telematics provider:

• Pointer by Powerfleet MX delivers above average fleet recovery rate – compared to competitors, Pointer by Powerfleet MX offers an industry high 20% recovery rate.
• Pointer by Powerfleet MX’s expertise with integrations and flexibility allows the brand to develop tailored solutions based on the needs of customers.
• Pointer by Powerfleet MX fully owns its entire suite of solutions, meaning customers are in full control of all hardware and software with minimal integration issues.

“It’s been a great journey for our team to work with AXA and help them become more competitive in their market,” said Pointer by Powerfleet MX CEO Eduardo Chavez. “Both companies are focused on providing high-quality services to reduce risks and create significant financial savings for commercial fleets. This is just the beginning of a great partnership that may evolve into something greater for our customers.”

To learn more about the latest Powerfleet solutions, visit idsy2019.wpengine.com.

About Pointer by Powerfleet MX

Pointer by Powerfleet® Inc. (NASDAQ: AIOT; TASE: PWFL) is a global leader of subscription-based wireless solutions that secure, control, track, and manage high-value enterprise assets. Powerfleet’s patented technologies are the proven solution for organizations that must monitor and analyze their assets to improve safety, increase efficiency, reduce costs, and drive profitability. Our offerings are sold under the global brands Powerfleet, Pointer, and Cellocator. Powerfleet’s global headquarters are in Woodcliff Lake, New Jersey, with additional offices around the globe. For more information, please visit idsy2019.wpengine.com, the content of which does not form a part of this press release.

About AXA Seguros

We are a multinational company of French origin and a world leader in insurance with a presence in 50 countries. We protect more than 95 million clients around the world thanks to our 149,000 employees. Since 2008, AXA Seguros has provided protection to approximately 6 million Mexicans thanks to our 12,000 consultants and 6,000 contributors located throughout the country. Today, we are one of the five largest insurers in the country with our own network of adjusters and we market our products through agents, promoters, brokers, and AXA stores.

Powerfleet Investor Contact

Matt Glover

Gateway Investor Relations

PWFL@gatewayir.com

(949) 574-3860

Powerfleet Media Contact

Calen McGee

Powerfleet@n6a.com

(908) 461-0266

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to Powerfleet’s beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond Powerfleet’s control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include statements regarding prospects for additional customers; potential contract values; market forecasts; projections of earnings, revenues, synergies, accretion, or other financial information; emerging new products; and plans, strategies, and objectives of management for future operations, including growing revenue, controlling operating costs, increasing production volumes, and expanding business with core customers. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the ability to recognize the anticipated benefits of the acquisition of Pointer, which may be affected by, among other things, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for Powerfleet’s products to continue to develop, the possibility that Powerfleet may not be able to integrate successfully the business, operations and employees of I.D. Systems and Pointer, the inability to protect Powerfleet’s intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in Powerfleet’s filings with the Securities and Exchange Commission, including Powerfleet’s annual report on Form 10-K for the year ended December 31, 2021. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Powerfleet. Unless otherwise required by applicable law, Powerfleet assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether a result of new information, future events, or otherwise.

WOODCLIFF LAKE, N.J., April 11, 2022 — Powerfleet, Inc. (Nasdaq: AIOT), a global leader of Internet-of-Things (IoT) solutions that manage enterprise assets for seamless business operations, has appointed software veteran Jim Zeitunian as the company’s new Chief Technology Officer (CTO) of Powerfleet. Zeitunian will report to CEO Steve Towe and focus on executing Powerfleet’s Software-as-a-Service (SaaS) transformation.

Zeitunian joins Powerfleet from Coupa Software, a multi-billion-dollar provider of business spend management solutions, where he served as Vice President of Engineering. Zeitunian led Coupa’s engineering and applied research teams, focusing on the development of its global supply chain design and planning SaaS platform. Prior to Coupa, he was VP of Engineering at LLamasoft (acquired by Coupa), where he spearheaded the company’s technology transformation from an on-premises/desktop driven set of offerings, into a SaaS based modular product offering, leading to a doubling of revenue in a little over three years and the acquisition by Coupa. Previously, Zeitunian held a senior leadership position at Thomson Reuters, helping to drive the production of various SaaS products and platforms, which are utilized by the largest accounting firms and Fortune 500 companies across the globe.

“This is an exciting time to be joining Powerfleet,” said Zeitunian. “The depth and breadth of our solutions – the rich history of innovative platform devices, sensors, suite of software applications and data, coupled with the continuous need for real-time operational, AI based insights across our SaaS offerings, Powerfleet is well positioned to capitalize on this growing opportunity. I look forward to playing a key role in the Company’s success.”

Zeitunian’s addition to Powerfleet’s executive team follows the appointment of Towe as the company’s CEO in January to support its continued growth in the industry. Towe and Zeitunian will work closely together, prioritizing the improvement of data focused initiatives and the growth of Powerfleet’s SaaS and IoT solutions. With Zeitunian’s leadership, Powerfleet will continue to improve upon its premier industry hardware, whilst enabling businesses to make more informed decisions using data-based solutions on Powerfleet’s platform. The shift comes as the supply chain continues to adjust to the long-lasting global impacts of COVID-19 and revises its best practices. Powerfleet looks to spearhead the industry adoption of SaaS-based products in the space as organizations look for new solutions that provide multiple options and scenarios based on real-time updates and insights.

“We’re delighted to welcome Jim to the company,” said Steve Towe, CEO of Powerfleet. “Jim’s proven experience in technology transformation and deep understanding of developing global supply chains and SaaS platform design aligns perfectly with our strategic objectives. His ability to spearhead industry-leading SaaS projects is exactly what Powerfleet needs as we evolve our offerings. Jim has demonstrated the ability to build world-class R&D teams on a global scale. I’m looking forward to working with Jim to translate our plans and goals into results.”

To learn more about the latest Powerfleet solutions, visit idsy2019.wpengine.com.

About Powerfleet

Powerfleet® Inc. (NASDAQ: AIOT; TASE: PWFL) is a global leader of Internet-of-Things (IoT) solutions that manage enterprise assets for seamless business operations. Powerfleet’s patented technologies are the proven solution for organizations that must monitor and analyze their assets to improve safety, increase efficiency, reduce costs, and drive profitability. Our offerings are sold under the global brands Powerfleet, Pointer, and Cellocator. Powerfleet’s global headquarters are in Woodcliff Lake, New Jersey, with additional offices around the globe. For more information, please visit idsy2019.wpengine.com, the content of which does not form a part of this press release.

Powerfleet Company Contact

Ned Mavrommatis, CFO
NMavrommatis@Powerfleet.com
(201) 996-9000

Powerfleet Investor Contact

Matt Glover
Gateway Group, Inc.
PWFL@gatewayir.com
(949) 574-3860

Powerfleet Media Contact

Calen McGee
Powerfleet@n6a.com
(908) 461-0266

Experienced Software Industry Leader to Advance Powerfleet’s Mission of Helping Businesses Globally Accelerate Their Operational and Organizational Transformations

WOODCLIFF LAKE, N.J., Jan. 05, 2022 (GLOBE NEWSWIRE) — Powerfleet, Inc. (Nasdaq: AIOT), a global leader and provider of subscription-based IoT solutions for managing high-value enterprise assets and driving seamless business operations, has appointed experienced software industry leader Steve Towe as the company’s new Chief Executive Officer (CEO). Towe replaces Chris Wolfe, who has retired from the business after serving as CEO since December 2016. Towe has also been appointed to the Powerfleet Board of Directors.

With a proven track record of scaling high value, global technology organizations, Towe joins Powerfleet from Aptos, the global leader of unified commerce solutions in the retail enterprise SaaS market, where he successfully served as President and Chief Operating Officer for the past five years.

In prior positions with both publicly traded and private equity backed companies, Towe has gained more than 16 years of strategic leadership experience on the global SaaS IoT stage. Most notably, he served as Chief Commercial Officer of Masternaut, a global telematics provider, where he was instrumental in delivering robust revenue growth and profit expansion during his tenure from 2011 to 2016.

Previously, Towe achieved significant international organic growth alongside market consolidation as Managing Director of the highly acquisitive telemetry data business Cybit. He also held senior executive level positions for the high velocity, fleet management subsidiary of the Trafficmaster Group, Fleetstar Information Systems.

“I am thrilled to be joining Powerfleet to build on its impressive capabilities and experience in the market,” said Towe. “As CEO, I look forward to leveraging my IoT background and deep SaaS expertise to enhance Powerfleet’s value propositions and organizational strength to make a significant impact on the complex global industries we serve and the full spectrum of customers we partner with.”

“I am joining Powerfleet at a time when the customers we work with are going through extraordinary change,” added Towe. “As a result of the challenges created by the pandemic, Powerfleet’s mission has become even clearer and more purposeful. We are here to play a critical role as our customers accelerate their digital transformations and use of fully integrated data solutions to create highly effective, unified business operations and obtain full visibility across their supply chains. I believe Powerfleet is extremely well positioned to capitalize on the extensive global IOT market, which Gartner is forecasting will grow at a 34% CAGR to $58 billion in 2025.”

Powerfleet Chairman Michael Brodsky commented: “On behalf of the Board of Directors, I would like to thank Chris for his service and contributions to Powerfleet over the last five years. I am delighted to welcome Steve as the company’s new CEO. Steve is joining our organization at a time when we have solid operational and financial momentum, a strong balance sheet and abundant growth opportunities on the horizon. Steve has an impressive history of empowering and transforming software organizations to deliver exceptional results for customers, employees and shareholders. With Steve’s core skillset spanning from building world-class teams to successfully integrating multiple strategic acquisitions and creating prolific, customer centric operations, we are confident he is the right fit to lead Powerfleet into its high growth, accelerated software innovation phase.”

24th Annual Needham Virtual Growth Conference
Towe and Chief Financial Officer Ned Mavrommatis will be virtually presenting at the 24th Annual Needham Virtual Growth Conference on Thursday, January 13, 2022 at 3:30 p.m. Eastern time. Management’s presentation will be webcast and available for replay here.

For additional information or to schedule a one-on-one meeting with Powerfleet management, please contact Gateway Group at PWFL@gatewayir.com.

About Powerfleet
Powerfleet® Inc. (NASDAQ: AIOT; TASE: PWFL) is a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets, providing mission critical software and data applications to drive business change and unified operations. The company is headquartered in Woodcliff Lake, New Jersey, with offices located around the globe. Powerfleet’s patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, support employee safety and improve profitability. Our offerings are sold under the global brands Powerfleet, Pointer, and Cellocator. For more information, please visit idsy2019.wpengine.com, the content of which does not form a part of this press release.

Inducement Grants
In connection with his appointment as CEO, Mr. Towe received the following inducement awards, effective as of his appointment:

• options to purchase 500,000 shares of the Company’s common stock, which have an exercise price equal to the closing price of the Company’s common stock on Mr. Towe’s start date, a term of 10 years and will vest as to 25% of such options on each of the first, second, third and fourth anniversaries of the grant date, provided that Mr. Towe is employed by the Company on each such date; and
• performance-based options to purchase an aggregate of 4,125,000 shares of the Company’s common stock, which have a term of 10 years and consist of the following: (a) options to purchase 875,000 shares of the Company’s common stock with an exercise price of $10.50 per share, which will vest in full if the volume weighted average price of the Company’s common stock during a consecutive 60 trading day period (the “60 Day VWAP”) reaches $10.50 per share, provided that Mr. Towe is employed by the Company on such date, (b) options to purchase 1,250,000 shares of the Company’s common stock with an exercise price of $14.00 per share, which will vest in full if the 60 Day VWAP reaches $14.00 per share, provided that Mr. Towe is employed by the Company on such date, and (c) options to purchase 2,000,000 shares of the Company’s common stock with an exercise price of $21.00 per share, which will vest in full if the 60 Day VWAP reaches $21.00 per share, provided that Mr. Towe is employed by the Company on such date.

The inducement awards were approved by the compensation committee of the Company’s board of directors.

Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), which may include information concerning our beliefs, plans, objectives, goals, expectations, strategies, anticipations, assumptions, estimates, intentions, future events, future revenues or performance, capital expenditures and other information that is not historical information. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties are detailed from time to time in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2020. All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date they are made and are expressly qualified in their entirety by the cautionary statements included in this press release. Except as may be required by law, we undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances occurring after the date they were made or to reflect the occurrence of unanticipated events, or otherwise.

Powerfleet Company Contact
Ned Mavrommatis, CFO
NMavrommatis@Powerfleet.com
(201) 996-9000

Powerfleet Investor Contact
Matt Glover
Gateway Investor Relations
PWFL@gatewayir.com
(949) 574-3860

Powerfleet Media Contact
Kayla Perkins
Powerfleet@n6a.com
(978) 870-3598