One of only four authorised eRUC providers in New Zealand, processing over $2 million per week in road user charges.
Coretex Ltd is an enterprise IoT fleet telematics company formed in 2015 through the merger of International Telematics Holdings Limited and Imarda Pty Ltd. The company provides connected hardware devices, cloud-based fleet management software, and regulatory compliance solutions across New Zealand, Australia, the USA, and Canada. Coretex is one of only four authorised electronic RUC providers in New Zealand and processes over $2 million per week in road user charges on behalf of the Crown. In December 2021, EROAD acquired Coretex for NZ$177.2 million, and the combined entity now handles approximately 88.6% of all electronic RUC licences issued in New Zealand. Coretex continues to operate as a brand under EROAD, with its products - particularly CoreHub hardware and the Coretex 360 platform -forming the basis of EROAD's next-generation offering.
Cloud-based fleet management platform providing real-time vehicle tracking, telemetry (RPM, fuel, brake status), geofencing, job management with configurable workflows, and comprehensive reporting.
In-cab IoT hardware device that connects to the engine management system and transforms the vehicle into an IoT hub with wireless sensors. CoreHub Xtreme variant for harsh environments.
eRUC solution for heavy vehicles using the TMU750 device with LCD colour display. Automated RUC licence purchasing and second-by-second GPS tracking for off-road claims.
Self-install eRUC for light commercial vehicles - plug-and-play with ePaper windscreen display. Automates RUC purchasing and maximises off-road refund claims.
CoreHub Xtreme for refrigerated transport with remote monitoring, two-way reefer control, and up to six door sensors. CoreTemp AI-powered SaaS for temperature compliance.
Telematics solution for waste and recycling operators with electronic route sheets, proof of service, RFID tag data, and driver compliance tools. Evolved from the 2015 Air-Trak acquisition.
International Telematics Holdings Limited (ITHL) founded by the Marris family in New Zealand, developing in-cab telematics hardware.
Imarda Pty Ltd founded by Selwyn Pellett and Neil Richardson in Auckland through acquisition of SmartTrack and Prolificx.
Coretex Limited registered on 19 February 2015 (Company Number 5604490, NZBN 9429041618851), originally as Marshal Limited (renamed to Coretex Limited on 29 April 2015). Formed through the merger of International Telematics Holdings and Imarda. Milford Active Growth Fund invests $6 million.
Coretex acquires US-based Air-Trak, entering the waste and recycling telematics market.
eRUC capability launched on the Coretex 360 platform, becoming an authorised electronic RUC provider.
CoreRUC Light launched - first eRUC solution specifically designed for light commercial vehicles (utes, vans, farmer fleets).
Partnership with SkyBitz for complete cold chain visibility combining reefer monitoring with trailer tracking.
EROAD announces acquisition of Coretex for up to $188 million (July). Commerce Commission clears the deal (November). Acquisition completes 1 December.
Post-acquisition integration begins. EROAD CEO Steven Newman departs. Mark Heine appointed CEO.
Selwyn Pellett (Coretex co-founder) resigns from EROAD board. Coretex brand continues operating under EROAD.
Co-founder (via Imarda)
32 years leading NZ tech companies. Co-founded Endace (sold for US$156M). NZ Hi-Tech Hall of Fame inductee (2009). Served on EROAD board 2021–2024.
Co-founder (via International Telematics)
Co-founded ITHL in 2005. Post-acquisition became EROAD's Chief Data Science Officer and EVP Construction.
Co-founder / President North America
Co-founded ITHL. Based in the US since 2006. Led North American expansion and distribution.
CEO (EROAD, parent company)
Oversees all Coretex operations as CEO of the combined EROAD/Coretex entity.
Coretex is one of only four authorised electronic RUC providers in New Zealand. The company transacts more than $2 million per week in road user charges on behalf of the Crown. Post-acquisition by EROAD, the combined entity processes approximately 88.6% of all electronic RUC licences issued - by far the dominant position in the market.
The Commerce Commission raised preliminary concerns that the EROAD/Coretex merger could substantially lessen competition in the eRUC market, given both were authorised providers. After detailed investigation, the Commission cleared the deal in November 2021, finding that rival providers and alternative eRUC systems provided sufficient competitive constraint.
Following the acquisition, EROAD posted a $48 million loss in FY2022 and $35 million loss in FY2023. CEO Steven Newman departed, the share price fell from ~$5.50 to $0.45, and headcount was reduced from ~650 to ~450. The integration proved more challenging than anticipated, though the combined entity returned to profitability under new CEO Mark Heine in FY2025.
5604490
9429041618851
NZ Limited Company
19 Feb 2015
Level 3, 260 Oteha Valley Road, Albany, Auckland, 0632, New Zealand
J592135 - GPS data recording and analysis service
Ksenija Chobanovich
Auckland, New Zealand
Konrad Stempniak
Dolans Bay, Australia
88,249,207 total shares
EROAD Financial Services Limited
88,249,207 shares · Albany, New Zealand
Source: NZ Companies Office · Last checked February 2026
View on Companies RegisterAnalysis of notable corporate and institutional shareholders. Individual shareholders are excluded.
EROAD Group
EROAD Financial Services Limited
A NZ-registered holding company created by EROAD Limited specifically to hold its NZ$177.2 million acquisition of Coretex in December 2021. It sits between the NZX/ASX-listed parent EROAD Limited and the operating subsidiary, ring-fencing acquisition debt and IP. EROAD Financial Services has no independent operations.
EROAD
EROAD Limited
Traced via researchAuckland-headquartered telematics company dual-listed on the NZX (ERD) and ASX. Founded in 2009, EROAD launched the world's first nationwide electronic road user charging system in NZ. Provides fleet safety, compliance, and management solutions in NZ, Australia, and North America. Acquired Coretex in 2021 to accelerate North American expansion. The combined entity handles approximately 88.6% of all electronic RUC licences issued in New Zealand.
