Michelin completes acquisition of Fleetcor’s NexTraq
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.
- Brain Corp welcomes $114m funding from SoftBank's Vision Fund
- Let there be light: Q&A with Serralux Chairman David Willets
- Business Review USA magazine - July issue
“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%.
- Ford Becomes the Latest US Car Manufacturer to Exit IndiaCorporate Finance
- People Moves: Ford Motor Company Appoints Doug FieldLeadership & Strategy
- General Motors new campaign to advance zero emissions futureLeadership & Strategy
- Ford receives global honors for climate change leadershipSustainability