Michelin will acquire telematics firm Masternaut for an undisclosed sum.
The deal is expected to finalise in the next 60 days and will accelerate Masternaut’s product development and growth across Europe, as it operates as a subsidiary of the tyre manufacturer.
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.”
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.
Masternaut provides solutions for fleet tracking and optimisation, driver behaviour improvement and digital transformation.
It claims that its technology saves, on average, £660 per vehicle annually.
With Michelin’s investment, Masternaut will accelerate the development of its product and service offering to customers, particularly in data science, in areas such as predictive maintenance and operational re-engineering.
Dhruv Parekh, CEO of Masternaut, said, “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.”