PowerFleet Inc., a global leader and provider of subscription-based Internet of Things solutions, on Wednesday said it appointed experienced software industry leader Steve Towe as its new 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 Software-as-a-Service 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,” Towe said. “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. 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.”