Nexus Vehicle Management has been acquired by ISIS Equity Partners in an £11 million management buyout/management buy in.
The new business will be led by Neil McCrossan, a former National Car Rental senior executive.
John Ellis will continue as operations director.
Nexus already works with several daily rental providers as well as contract hire and leasing companies and end user organisations.
The company pioneered the IRIS system, which brings together a network of over 40 rental suppliers with corporate users to automate the daily rental process in a paperless environment.
Mr McCrossan says the funding provided by multi-million pound buyout will enable Nexus to grow.
“Nexus is ideally poised for growth.
"In IRIS we have a unique market-making portal bringing together users and suppliers of vehicle rental.”
Negotiations on behalf of ISIS Equity were led by Andrew Garside, who added: “We are attracted to the fleet management sector as quality service providers earn loyal customers who are keen to outsource their fleet management requirements.
"Nexus provides a capable platform for the new management to grow a larger business in the sector.”