Cybit and Masternaut, industry leaders in logistics, fleet tracking and drive management solutions, have combined to form a single European telematics firm. The company will remain known as Masternaut. The deal was overseen by technology-focused private investment fund, Francisco Partners, which acquired Cybit Holdings plc in 2009.
Cybit and Masternaut, the industry’s acknowledged experts in vehicle tracking, fleet and driver management solutions, today announced that they have combined to form a single, pan-European telematics company. The new organisation, which retains the Masternaut name, will have more than 500 employees supporting a 10,000-strong customer base across 32 countries. The new Masternaut will offer industry-leading products and services, broad geographic reach and financial strength, creating the largest ‘pure play’ telematics supplier in Europe.
“The telematics market is undergoing rapid consolidation. With pan-European operations and the largest development team in the industry, Masternaut offers a clear choice for customers who want industry-leading products delivered by a strategic, long-term partner,” said Bill Henry, who assumes the role of Masternaut Group CEO. “By combining Cybit and Masternaut, we can innovate faster, increase our geographic reach, raise industry standards, and bring customers compelling opportunities for improved business performance.”
The combination of Cybit and Masternaut enables the strategic evolution of telematics from a tactical operational tool, to an enterprise-wide, information management solution accessed from a single, cloud-based platform. The new Masternaut will deliver modular telematics applications that deliver step-changes for improving business performance, whilst enabling customers to save up to 20% on their fleet operating costs.
The Cybit-Masternaut agreement was overseen by technology-focused private investment fund, Francisco Partners, which acquired Cybit Holdings plc in 2009.
“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,” said Deep Shah, Partner, Francisco Partners. “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.”
Masternaut designs and delivers innovative solutions for managing the mobile workforce that enable customers and partners to achieve evolutionary step-changes in their performance and service delivery. Formed through the combination of established telematics providers, Cybit and Masternaut, the new Masternaut boasts the broadest range of telematics products, services and R&D capability in Europe. Individually, the companies represented some of the fastest-growing private technology firms in Europe. In 2010, Cybit was ranked 13th in the Sunday Times International Fast Track, having achieved more than 150% growth in sales during 2007-2010; whilst Masternaut has featured in the 2007, 2008 and 2009 Sunday Times (UK) Tech Track 100, and was also recognised on the Deloitte Fast 500 EMEA in 2009. Masternaut is headquartered in Huntingdon, England and has more than 500 employees and 10,000 customers across Europe.
About Francisco Partners
Francisco Partners is a leading global private equity firm with offices in San Francisco and London focused exclusively on investments in technology and technology-enabled services businesses. With approximately $7 billion of capital raised to date, Francisco Partners pursues structured investments in technology companies, targeting investments in private companies, public companies and divisions of public companies, with transaction values ranging from $25 million to over $500 million. For additional information, visit www.franciscopartners.com.
Notes to Editors
Combined company facts:
More than 500 employees across Europe;
More than 100 research and development professionals;
More than 10,000 customers operating in 32 countries;
The widest geographic reach across Western, Eastern and Northern Europe;