Summit Partners and FleetCor acquire Masternaut
By Kelly Mason
Friday, June 6, 2014 - 14:30
DEAL: Martin Hiscox, of Masternaut
Growth equity investors Summit Partners have acquired Masternaut Group Holdings Limited from Francisco Partners, in a joint venture with FleetCor Technologies.
Masternaut’s management team, led by CEO Martin Hiscox, will continue to operate the business and remain shareholders in the company.
Founded in 1996 and with headquarters in the UK, Masternaut provide a SaaS-based Mobile Resource Management (MRM) application suite to help businesses achieve greater operational efficiencies.
This is achieved through lower vehicle fuel consumption, tracking, productivity increases, reduced vehicle wear and tear, improved management of driver behaviour, and a reduction in CO2 emissions.
The company have more than 300,000 assets, vehicles and people connected to their SaaS solutions.
More than 15,000 users interact every hour with the systems, and more than 50million data transactions are processed and configured into 20,000 reports daily.
With customers in 32 countries, Masternaut have multiple offices and partners throughout Europe, North America, South America and Asia.
Mr Hiscox said: “We are excited to partner with both Summit Partners and FleetCor.
“Summit Partners brings a wealth of experience in helping fast growing companies reach their goals.
“FleetCor is a leading global provider of fuel cards and workforce payments products to the same commercial fleet customers that Masternaut serves.
“We look forward to exploring significant cross-marketing opportunities that exist between our companies to accelerate the growth of Masternaut.
“We also would like to thank Francisco Partners for their tremendous support of our company over the last four years.”
Han Sikkens, Managing Director with Summit Partners, added: “We are very pleased to complete the acquisition of Masternaut.
“The company is the pan-European market leader in telematics-based solutions led by a very strong and experienced management team.
“With the largest R&D team in Europe, Masternaut continuously innovates to deliver the most reliable and scalable platform available on the market today.”