The deal is the third telematics acquisition for the tyre maker, which has also bought Nextraq in North America and Sascar in South America, and will give Michelin access to Europe’s rapidly growing telematics market.
Masternaut will continue to operate under its own name as a subsidiary within Michelin, and the transaction is expected to complete within the next two months.
Florent Menegaux, managing partner of Michelin, said: “Michelin is consolidating its expertise in telematics, enabling us to optimise customer mobility and respond to the needs of a changing market. Masternaut represents a further step in the expansion of our Services & Solutions business, especially in Europe and for light vehicle fleets.”
Dhruv Parekh, CEO of Masternaut, said: “Over the last four years, I have been incredibly proud of what we have achieved. Masternaut Connect today is one of the fastest growing telematics platforms in Europe.”
Parekh added: “Together with the Michelin brand, we are well-positioned to expand in the connected vehicle industry across Europe.”
UPDATED 23 May 2019: Changed location of SASCAR to South America