Belgium-headquartered WABCO Holdings Inc. has acquired Bengaluru-based telematics startup AssetTrackr in a bid to expand its global fleet management solutions (FMS) business to India.
WABCO is a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles. The company has entered an agreement to purchase 100% of AssetTrackr’s shares. The transaction is now subject to customary conditions precedent and is expected to close by the fourth quarter 2017.
Talking about the acquisition, Jacques Esculier, WABCO Chairman and CEO said, “With the acquisition of AssetTrackr, we can leverage the superb combination of WABCO’s commercial vehicle systems expertise and industry-leading safety and efficiency technologies with AssetTrackr’s deep, local-market capabilities to serve customers in India. Today, less than 2% of India’s commercial vehicles have telematics capabilities, presenting a huge opportunity that WABCO and AssetTrackr will be well placed to fulfil.”
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WABCO was founded nearly 150 years ago. The fleet management service of the company connects trucks, trailers, cargo, drivers, business partners and fleet operators through advanced fleet management systems and mobile solutions. In 2016, the company reported sales of about $2.8 Bn. The company has about 13,000 employees in 40 countries.
On the other hand, founded in 2013, by Ashok Yerneni, AssetTrackr helps commercial vehicle fleets track, analyse and optimise their transportation resources and assets in real-time. AssetTrackr utilises advanced, cloud-based fleet management software, and telematics hardware. It enables fleet operators to connect vehicles, drivers, and cargo and to monitor relevant data.
AssetTrackr systems capture vehicle departure and arrival times, detect unauthorised stoppages or route deviations, optimise delivery routes, minimise delays, and monitor driving behaviour. This helps to improve the operational efficiency and safety of commercial vehicle fleets.
With the acquisition, WABCO will link AssetTrackr’s local market and systems expertise with its own telematics solutions. Post-acquisition, it will combine its Vehicle Tracking System (VTS) with AssetTrackr’s portfolio.
WABCO plans to combine AssetTrackr’s operations with its existing digital services business, which manages WABCO’s global portfolio of data-driven services and technologies, including its industry-leading fleet management solutions.
According to a Telematics Wire report, the industry is expected to reach $113.7 Mn by 2018 with a CAGR of 22% from 2013-2018. In January 2017, IoT and SaaS-based techno-logistics solution provider TempoGo secured $825K in its Seed round of funding led by K2 Capital of Hong Kong. With the acquisition of AssetTrackr, WABCO will strengthen its position against local players in the segment like Map My India, TrakNTell, CaRPM, MindYourFleet, Locus, etc.