South African billionaire Zak Calisto’s Karooooo Ltd. has reported impressive growth in its third-quarter revenue, reaching $86.1 million.
The company’s Cartrack telematics unit led the charge, with software as a service (SaaS) annualized recurring revenue (ARR) rising 22% year-over-year to $311.9 million.
Subscription revenue also saw a significant boost, increasing 20% to $75.5 million, while net subscriber additions jumped 29% to a record 111,478.
CEO Zak Calisto attributed the growth to the company’s strategy of pushing expansion, even if it means short-term gaps in sales costs and revenue generation.
He highlighted the success of Cartrack’s Video and Cartrack Tag products in driving customer expansion and uptake.
Karooooo’s strong performance is a testament to its scalable business model and commitment to innovation.
With a growing subscriber base and expanding footprint, the company is well-positioned for continued success in the fleet management and vehicle tracking markets.
