Michelin is to purchase telematics provider Masternaut in a transaction that will enable Masternaut to accelerate its product development and growth across Europe. The company will continue to operate under the Masternaut brand as a fully owned subsidiary of Michelin. Completion is expected within the next 60 days.
Founded in 1996, Masternaut provides service to fleets across Europe, and is a leader in its field in the UK and France. Masternaut offers solutions for fleet tracking and optimization, driver behavior improvement and digital transformation.
This will be Michelin’s third major acquisition in the fleet telematics industry. Its portfolio also includes Nextraq, a company based in North America, and Sascar, a South American business.
The acquisition will provide the tire manufacturer with access to Europe’s rapidly growing telematics market – projected by industry analyst Berg Insight to grow by over 15% per annum in the next five years.
Florent Menegaux, managing partner of Michelin, said, “Michelin is consolidating its expertise in telematics, enabling the company to optimize customer mobility and respond to the needs of a changing market. Masternaut represents a further step in the expansion of Michelin’s services and solutions business, especially in Europe and for light vehicle fleets.”
With Michelin’s investment and automotive expertise, Masternaut aims to expedite the development of its product and service offering – particularly in data science in areas such as predictive maintenance and operational re-engineering.
Dhruv Parekh, CEO of Masternaut, commented, “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 Michelin, we are well-positioned to expand in the connected vehicle industry across Europe. Operating within the Michelin Group will accelerate our ability to achieve the vision of a connected world that is safer, cleaner and more productive.”
