Israeli company Autofleet is being acquired by Canada’s Element Fleet Management, the largest publicly traded automotive fleet manager in the world.

The deal is valued at $110 million.

Element Fleet manages more than 1.5 million vehicles around the world.

Autofleet was founded in 2018 by CEO Kobi Eisenberg and CTO Dor Shay. The startup currently employs 70 people, who will continue to work for the company as an independent unit.

Laura Dottori-Attanasio, President and CEO for Element commented on the purchase and said, “We are confident their expertise will enable us to fast-track the modernization of our digital capabilities, enhance our ability to scale our core business at a faster pace, and ultimately deliver increased value to our clients and shareholders.”

Kobi Eisenberg, CEO of Autofleet, stated, “This partnership represents a powerful alignment of two companies with shared goals and cultures, and enables us to leverage Element’s commercial organization and leadership to accelerate new growth areas for the business.”