New Zealand's largest eRUC provider, processing 86% of all electronic road user charges by value.
EROAD Limited is a New Zealand-founded telematics and regulatory technology company that has grown to become the dominant electronic Road User Charges (eRUC) provider in the country. Founded in 2000 by Brian Michie, the company pioneered electronic RUC collection in New Zealand and has since processed over $6.7 billion in charges. EROAD's platform combines GPS-based distance measurement, real-time fleet management, driver safety tools, and regulatory compliance into an integrated hardware-software offering. The company serves transport operators ranging from owner-drivers to enterprise fleets across New Zealand and Australia, with approximately 200,000 connected vehicles on its platform.
In-cab electronic distance recorder and fleet management device. NZTA-approved for electronic RUC. Provides GPS tracking, driver ID, and vehicle diagnostics.
Cloud-based fleet management platform providing real-time vehicle tracking, driver behaviour analytics, maintenance scheduling, and compliance reporting.
AI-powered dashcam system integrated with the EROAD platform, providing driver coaching, incident recording, and safety analytics.
Electronic Road User Charges service. Automatically calculates and manages RUC payments for diesel and electric vehicles based on GPS-measured distance travelled.
E Road Limited registered on 17 May 2000 (Company Number 1036814, NZBN 9429037254377) in Auckland by founder Brian Michie as a telematics and electronic tolling company.
Became one of New Zealand's first approved electronic RUC providers under NZTA's eRUC programme.
Company renamed from E Road Limited to EROAD Limited on 10 April 2013.
IPO on the NZX Main Board (NZX:ERD) at $3.00 per share, raising capital for international expansion.
Expanded into the North American market, initially targeting Oregon's OReGO road usage charge programme.
Steven Newman appointed as CEO, succeeding founder Brian Michie.
Acquired Coretex Ltd for $188 million, significantly expanding fleet management capabilities and customer base.
Mark Heine appointed as CEO. Revenue surpasses $150 million for the first time.
Volaris Group launched hostile takeover bid at $1.30/share, rejected by the board as materially undervaluing the company. Share price had fallen from post-IPO highs.
Returned to profitability with $1.4 million net profit after tax in FY2025 (year ending March 2025). Recorded $134.7 million impairment on North American assets.
Announced strategic withdrawal from North America (effective October 2025) to focus on ANZ markets. $150 million total NA write-down. Submitted to Select Committee on RUC (Light Vehicles) Amendment Bill.
3G network shutdown forces nationwide device upgrade programme costing approximately $32 million. Published Select Committee submission expressing concerns about NZTA's dual role as regulator and potential eRUC retailer.
Chief Executive Officer
Previously held senior roles at Vodafone NZ and Spark. Appointed to lead the company's strategic pivot back to ANZ focus.
Executive Chairman
Former CEO of Westpac NZ. Moved from independent director to executive chairman during the Volaris bid period.
Founder
Founded EROAD in 2000. No longer in an executive role but remains a significant figure in the company's history.
Former CEO (2019–2022)
Led the company through the Coretex acquisition. Departed ahead of the Volaris approach.
EROAD is the dominant eRUC provider in New Zealand, processing approximately 86% of all heavy vehicle electronic RUC and 85% of light vehicle eRUC by value. Since becoming one of the first approved providers in 2009, the company has collected over $6.7 billion in road user charges on behalf of the Crown.
February 2026 - Road User Charges (Light Vehicles) Amendment Bill
Supportive of extending RUC to light vehicles but critical of implementation approach. Key concern: NZTA should regulate, not compete with private eRUC providers.
Accumulated during and after the failed 2023 hostile bid.
One of the largest institutional holders.
Canadian software conglomerate Volaris Group (a subsidiary of Constellation Software) launched a hostile takeover bid at $1.30 per share in mid-2023, which the EROAD board unanimously rejected as materially undervaluing the company. Volaris accumulated approximately 19% of shares and remains a major shareholder. The bid triggered concerns about foreign acquisition of critical NZ transport infrastructure.
After nearly a decade of investment in the US and Canadian markets, EROAD announced a full strategic withdrawal from North America in October 2025, recording approximately $150 million in total impairments. The North American operations never achieved profitability, and the exit represented a significant destruction of shareholder value from the original expansion strategy.
The shutdown of 3G cellular networks in New Zealand forced EROAD to undertake a nationwide device replacement programme at an estimated cost of $32 million. The company had to replace legacy Ehubo devices that relied on 3G connectivity with newer 4G-capable hardware across its entire installed base.
As New Zealand moves towards universal distance-based road user charging, the Privacy Commissioner has raised general concerns about the proportionality of GPS location tracking in RUC systems. This is an industry-wide policy discussion affecting all eRUC providers, not specific to any single company. EROAD has engaged constructively in this debate, including through its Select Committee submissions.
1036814
9429037254377
NZ Limited Company
17 May 2000
260 Oteha Valley Road, Albany, Auckland, 0632, New Zealand
Barry Einsig
Elizabethtown, United States
Sara Lynne Gifford
Boston, United States
David John Green
Auckland, New Zealand
Cameron Ann Kinloch
Austin, United States
Susan Marie Paterson
Auckland, New Zealand
John Caedmon Scott
Auckland, New Zealand
187,966,817 total shares
HSBC Custody Nominees (Australia) Limited
40,872,727 shares · Sydney, Australia
HSBC Nominees (New Zealand) Limited A/C State Street
19,249,440 shares · Auckland, New Zealand
Citicorp Nominees Pty Limited
13,914,203 shares · Sydney, Australia
JP Morgan Nominees Australia Limited
12,186,539 shares · Sydney, Australia
Accident Compensation Corporation - NZCSD
10,582,177 shares · Wellington, New Zealand
NMC Trustees Limited
9,853,024 shares · Auckland, New Zealand
Anthony Henry Kandziora
7,923,414 shares · Auckland, New Zealand
HSBC Custody Nominees (Australia) Limited A/C 2
7,228,314 shares · Sydney, Australia
UBS Nominees Pty Limited
3,883,681 shares · Sydney, Australia
Bond Street Custodians Limited
3,700,000 shares · Sydney, Australia
Source: NZ Companies Office · Last checked February 2026
View on Companies RegisterAnalysis of notable corporate and institutional shareholders. Individual shareholders are excluded.
HSBC Custodial Services
HSBC Custody Nominees (Australia) Limited
A subsidiary of HSBC Holdings plc that holds shares on behalf of institutional investors, fund managers, and superannuation funds on the ASX. It does not beneficially own these shares - they belong to the underlying clients using HSBC's custody platform. HSBC Custody Nominees is the single largest registered shareholder for roughly 70 ASX100 companies. The 21.74% and 3.85% (A/C 2) are separate sub-accounts representing different client pools, totalling 25.59% of EROAD's register across many beneficial owners.
HSBC NZ (State Street sub-custody)
HSBC Nominees (New Zealand) Limited A/C State Street
The NZ arm of HSBC's nominee operations. The 'A/C State Street' suffix means State Street Corporation (a Boston-based global custodian managing ~US$44 trillion in assets) is the primary custodian for the end clients, but HSBC NZ acts as their local sub-custodian to hold securities on the NZX register. Beneficial owners are typically pension funds and index funds that use State Street Global Advisors.
Citi Custodian Services
Citicorp Nominees Pty Limited
The Australian nominee subsidiary of Citigroup Inc. Holds shares on behalf of institutional clients using Citi's custody and clearing services on the ASX. Commonly appears in the top-20 shareholder lists of major ASX-listed and dual-listed companies. Previously known as Citinational Nominees Pty Ltd.
JPMorgan Nominees
JP Morgan Nominees Australia Limited
The Australian nominee arm of JPMorgan Chase & Co., one of the world's largest custodian banks. Holds securities on behalf of institutional investors and fund managers using JPMorgan's custody, clearing, and settlement services. Frequently appears in the top-20 registers of major ASX-listed companies.
ACC
Accident Compensation Corporation - NZCSD
New Zealand's government-owned accident compensation insurer. Every NZ worker and employer pays levies into ACC, which funds the country's no-fault injury compensation scheme. ACC invests these levies in a ~$40 billion investment portfolio to meet future claims liabilities. Unlike the nominee entities, ACC is an actual beneficial owner of these shares - the investment reflects its broader NZ equities portfolio strategy. 'NZCSD' indicates shares are held via the NZ Central Securities Depository.
Steven Newman's Investment Trust
NMC Trustees Limited
A private trustee company controlled by Steven Newman, EROAD's former CEO (2019-2022) and a key figure in the company's growth. Newman is a prominent NZ tech entrepreneur who previously co-founded Navman (sold to Brunswick for $112M in 2003) and joined EROAD circa 2007, leading it through its 2014 IPO and the 2021 Coretex acquisition. NMC Trustees acts as trustee of the NMC Investment Trust, effectively Newman's personal vehicle for his EROAD stake.
UBS Custodian Services
UBS Nominees Pty Limited
The Australian nominee subsidiary of UBS Group AG, the Swiss multinational investment bank. Holds shares on behalf of clients using UBS's custody, brokerage, and wealth management services. Registered with ASIC since 1977. The actual investors behind this holding could include UBS-managed funds, high-net-worth clients, or institutional investors.
Macquarie Wrap Custodian
Bond Street Custodians Limited
A custodial services entity owned by Macquarie Group Limited, Australia's largest investment bank. Holds shares on behalf of clients who invest through Macquarie's wrap platforms and managed account services. Holds an Australian Financial Services Licence (AFSL 237489) authorising it to deal in financial products and provide custodial/depository services.
