Michelin completes acquisition of Fleetcor’s NexTraq

By Prasun Bose

Michelin North America has closed its transaction to buy NexTraq, the Georgia-based vehicle fleet telematics provider owned by Fleetcor.

A deal was struck last month for Michelin to make their first move into the telematics industry in the United States with the all-cash acquisition.

The formalities – including clearance under the Hart-Scott-Rodino Act – have now been completed, with NexTraq set to maintain its headquarters in Atlanta.

“Telematics and fleet management services are a rapidly growing category worldwide and an important area of Michelin Group’s overall business plans,” said Michelin North America’s Ralph Dimmenna last month.

See also: 


“NexTraq represents a strategic acquisition that accelerates our growth in telematics with synergies that increase our scale, expand our geographic footprint and strengthen overall competitiveness in fleet management technology and services in the United States.”

Formed in 2000, NexTraq has developed into a leader in the provision of driver safety and fuel management solutions for fleets of up to 2,000 small commercial vehicles, specialising in GPS fleet tracking.

The company works with over 7,500 customers and 110,000 subscribers and has enjoyed an average annual growth of 20%.

Share

Featured Articles

Top 10 cybersecurity specialists in the US

As cyber attacks grow in frequency and become increasingly sophisticated, Business Chief looks at the top 10 cybersecurity specialists in the US.

Silicon Valley Bank collapse: How did we get here?

US authorities have stepped in to protect all Silicon Valley Bank customers following the second-largest bank failure in the country's history

Top 10 best new leadership books by women to read in 2023

To mark IWD, here’s our pick of the best new leadership books – all penned by impressive women at the forefront of the ever-evolving world of work

Eight of the best business leadership podcasts

Leadership & Strategy

CEO John Pagano, leading Saudi Arabia's Red Sea Global

Leadership & Strategy

Top 10 female CEOs according to Fortune’s Global 500 list

Leadership & Strategy