Transportation technology services company EROAD Limited (NZX/ASX: ERD) (EROAD), today announced that from 21 March it will enter the ASX All Ordinaries Index.
The index includes the 500 largest companies listed on the ASX according to their market capitalization, and is considered the benchmark index for gauging the performance of the broader Australian stock market.
CEO Steven Newman said, “We’re delighted to enter the ASX All Ordinaries, alongside so many well-known and successful Australian and New Zealand businesses.”
EROAD has achieved significant growth since listing on the NZX in 2014, and on the ASX in 2020. Successfully completing its acquisition of Coretex in December 2021, the company with it’s purpose of creating safer, more sustainable roads is poised to expand in both the North American and Australian markets.
“We have an ambitious growth strategy, and both North America and Australia are major growth markets for EROAD. Following our successful acquisition of Coretex in December, we now have greater resources and technology to strengthen our market share and deliver world-leading solutions to our customers,” adds Newman.
EROAD will appear on the ASX All Ordnaries when the markets open on 21 March.
About EROAD
EROAD modernises road charging and tax compliance and health and safety compliance for road transport by replacing paper-based systems with easy-to-use electronic systems that also improve fleet management. The company is headquartered in Auckland, New Zealand, and listed on the New Zealand Exchange (NZX). Its US business is based in Portland, Oregon, serving customers with vehicles operating in every US mainland state, growing outward in concentration from the Northwest. In 2009 EROAD introduced the world’s first nationwide electronic road user charging (eRUC) system in New Zealand and, in 2017, more than 50% of heavy transport RUC was collected electronically, representing a rapid transition to e-commerce on a voluntary, industry-led basis, due to the cost-savings and benefits to customers. EROAD is also a leading provider of health and safety compliance services, including vehicle management and driver behaviour and performance measures.