A Leeds-based vehicle tracking business with more than 150 staff in the UK is set to be acquired by automotive giant Michelin
Masternaut, founded in 1996, is one of Europe's largest fleet telematics service providers, primarily operating in the UK and France. It manages more than 220,000 mostly light utility vehicles under contract.
The company specialises in fleet tracking and optimisation, driver behaviour improvement and digital transformation.
Masternaut will continue to operate under its own brand as a fully-owned subsidiary within Michelin, and the transaction is scheduld to close within the next 60 days.
The deal is expected to accelerate Masternaut's product development and its growth across Europe.
It is Michelin's third major acquisition in the fleet telematics industry, following previous investments in Nextraq in North America and Sascar in South America, and provides access to the European telematics market.
Florent Menegaux, managing partner of Michelin, said:
"Michelin is consolidating its expertise in telematics, enabling us to optimise customer mobility and respond to the needs of a changing market. Masternaut represents a further step in the expansion of our Services & Solutions business, especially in Europe and for light vehicle fleets."
Dhruv Parekh, chief executive of Masternaut, added:
"Over the last four years, I have been incredibly proud of what we have achieved. Masternaut Connect today is one of the fastest growing telematics platforms in Europe, with an industry-leading Net Promoter Score. Our investment in an enterprise-grade IoT platform has enabled us to launch new products in a scalable way.
"Together with the Michelin brand, we are well-positioned to expand in the connected vehicle industry across Europe. Operating within the Michelin Group accelerates our ability to achieve the vision of a connected world that is safer, cleaner and more productive."