Paris – Groupe Michelin has signed an agreement to acquire European telematics provider Masternaut, the company announced 16 May.
Based in Leeds, the UK, Masternaut is specialised in fleet and asset management and offers a “technical platform” for onboard telematics.
The company primarily operates in France and the UK, currently managing over 220,000 vehicles, Michelin said.
The acquisition follows other Michelin’s recent investments in technology companies such as Sascar and NexTraq.
With this latest purchase, Michelin said it expected to speed up the development of its services & solutions business for light vehicles and support “the booming fleet market.”
Additionally, through its geographical network, the tire maker will help Masternaut roll out its offering across the whole of Europe.
“Michelin is consolidating its expertise in telematics, enabling us to optimise customer mobility and respond to the needs of a changing market,” said Florent Menegaux, managing general partner.
The Michelin release did not offer full details of the transaction but said it had been made on the basis of 8 times 2018 EBITDA before synergies.