Telematics revenue for the quarter was €37 million, a 19% increase compared with €31 million in Q4 '14. The recurring SaaS revenue amounted to €26 million for the quarter, 22% higher compared with the same quarter last year. This increase was driven by the strong growth in the subscriber installed base. On a full year basis, Telematics generated revenue of €135 million, which represents a 22% growth year on year (FY '14: €110 million).

At the end of December 2015, Telematics completed the acquisition of Finder, a leading fleet management solutions provider in Poland, which added over 60,000 vehicles to our installed base. This acquisition strengthens our market position in one of the fastest growing telematics markets in Europe. At the end of the year, Telematics reported over 40,000 customers, the largest fleet management systems customer base in the world, and an installed base of 605,000 active subscribers, a 30% increase from 464,000 at the start of 2015.

Hardware and Content & Services revenue split

(€ in millions, unless stated otherwise)			Q4 '15			Q4 '14			y.o.y. change			FY '15			FY '14			y.o.y. change
Hardware revenue			163.0			156.5			4%			557.8			542.8			3%
Content & Services revenue			119.5			101.9			17%			448.8			407.5			10%
Total revenue			282.5			258.4			9%			1,006.6			950.3			6%
Change percentages are based on non-rounded figures.

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