Telematics specialist Masternaut has been bought by Michelin. Masternaut will continue to operate under its own brand as a fully-owned subsidiary within Michelin, and the transaction is expected to close within the next 60 days, according to the company.
Founded in 1996, Masternaut is a fleet telematics service provider, with leading positions in the UK and France. It provides solutions for fleet tracking and optimisation, driver behaviour improvement and digital transformation. With Masternaut technology, it says, customers improve driver safety, save on average £660 per vehicle annually, improve their service processes and reduce CO2 emissions (by over 230,000 tonnes in 2018).
Masternaut is Michelin’s third major acquisition in the fleet telematics industry, with previous investments in Nextraq in North America and Sascar in South America. This acquisition provides Michelin access to Europe’s rapidly-growing telematics market – projected by industry analyst Berg Insight to grow by over 15% p.a. in the next five years.
Florent Menegaux, managing partner of Michelin, said: “Masternaut represents a further step in the expansion of our Services & Solutions business, especially in Europe and for light vehicle fleets.”
Dhruv Parekh (above), CEO of Masternaut, said, “Operating within the Michelin Group accelerates our ability to achieve the vision of a connected world that is safer, cleaner and more productive.”