Cybit and Masternaut have combined forces to form a single, pan-European telematics company.
The new organisation, which retains the Masternaut name, will have former Cybit CEO Bill Henry at the helm of a company that now boasts more than 500 employees supporting a 10,000-strong customer base across 32 countries.
Henry told Fleet News that the new Masternaut will offer industry-leading products and services, broad geographic reach and financial strength to deliver a pan-European telematics solution.
The deal, announced today, has been in the pipeline for the previous nine months. Private equity firm Francisco Partners acquired Cybit Holdings in 2009 and Henry said that it was Cybit's owners that had instigated and acquired the Masternaut business.
"As we look at integration our first priority is minimised disruption for our customers," said Henry. "It brings new capabilities from Cybit to our existing Masternaut customers and similarly from Masternaut to our Cybit customers."
Deep Shah, partner, Francisco Partners, added: “Cybit and Masternaut have enjoyed great success as independent companies and joining forces will introduce a new level of service excellence in the telematics industry.
“Global fleets want to manage their mobile workforces more effectively; we believe the new Masternaut fulfils an important role by providing the strategic direction that will embed telematics into a greater number of performance-driven businesses.”
Henry explained that this deal was systematic of a telematics market undergoing rapid change.
"We expect to have a very significant consolidation wave sweep through the industry over the coming months," predicted Henry.
"When you think about most technology solutions, for example with PCs or laptops, there tends to be only a handful of big suppliers and the telematics market will develop in the same way."