Tokyo — Bridgestone Corp. has acquired the iTrack Solutions Business from Transense Technologies PLC as part of its strategy to enhance its status as a provider of "sustainable and advanced" mobility solutions for the off-the-road transportation sector.
Bridgestone and Transense have been working together since August 2019 under a "joint collaboration agreement" that allowed Bridgestone to offer the iTrack exclusively to its OTR-sector customers as a mining tire monitoring system for tires of 57-inch rim diameters.
Bridgestone has set up a subsidiary, ATMS Technology Ltd, to oversee the new business venture.
According to Transense, its deal with Bridgestone covers current and future iTrack technology for a period of 10 years. Transense said it will receive quarterly royalty payments over that period; ATMS will have an option at the end of the period to purchase the iTrack technology outright for a nominal cash sum.
Because of "overwhelmingly" positive customer response since then, Transense said, Bridgestone plans to expand this offering to additional OTR customers as it integrates the solution into its portfolio.
To ensure a seamless transition, all employees of the iTrack Solutions business — including CEO David Ford and Graham Storey, director, global sales — will join Bridgestone as part of the acquisition.
Oxfordshire, England-based Transense is a developer of patent-protected sensor systems and supporting technology for use in a variety of diverse high growth markets.
The iTrack platform monitors tire temperature and pressure and provides customisable geofencing, speed alerts and more to help mining customers optimise their operations for increased productivity and profitability.
"As a global solutions provider, Bridgestone will create new value for our customers by delivering tire and mobility-related data that enhances their operations," Tomohiro Kusano, vice president and senior officer, responsible for G-MAA (Mining, Aircraft, Agriculture) Solutions Business, said.