French tyre maker Michelin has acquired Masternaut, a European telematics company, in a deal that will ease fleet services, product development and growth across the region.
Masternaut is Michelin’s third major acquisition in the fleet telematics industry after North/South America’s Nextraq and Sascar. It currently manages some 220,000 light utility vehicles under contract, and will continue to operate under its own brand within Michelin. The acquisition is expected to close in the following two months.
Michelin’s investment and automotive expertise will accelerate Masternaut’s product and service development in Europe’s rapidly-growing telematics market, which is projected to grow by over 15% p.a. by 2025 – these will focus on data science, in areas such as predictive maintenance and operational re-engineering. The takeover will see optimised customer mobility and due responsiveness to a changing market, according to Florent Menegaux, Managing Partner of Michelin; Michelin will also support Masternaut’s expansion into new geographies.
UK-based Masternaut remains one of Europe’s largest fleet telematics service providers since its establishment in 1996, providing solutions for fleet tracking, driver behaviour improvement and digital transformation. Its patented technology allows for improved driver safety and service processes while reducing CO2 emissions – statistics report reduced emissions by more than 230,000 tonnes in 2018.
Dhruv Parekh, Masternaut’s CEO, has commented: “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.”