Under the terms of the deal the newly formed business will retain the Masternaut name and consist of 500 employees.
According to a statement released by the company the telematics market is undergoing ‘rapid consolidation’. Vehicle tracking is achieved through a combination of a GPS receiver and an electronic device installed in each vehicle, communicating with the user and web-based software.
New Masternaut Group CEO, Bill Henry, comments: ‘By combining Cybit and Masternaut, we can innovate faster, increase our geographic reach, raise industry standards, and bring customers opportunities for improved business performance.’
The merger is backed by US private equity firm Francisco Partners, which acquired Cambridgeshire-based Cybit in 2009.
Deep Shah, partner at Francisco Partners, comments: ‘Global fleets want to manage their mobile workforces more effectively. We believe the new Masternaut fulfils an important role by providing the strategic direction that will embed telematics into a greater number of performance-driven businesses.’
In 2010, Cybit was ranked thirteenth in the Sunday Times International Fast Track, while Masternaut has featured in the 2007, 2008 and 2009 Sunday Times UK Tech Track 100.
Masternaut is part of Hub Telecom, a subsidiary of Aeroports de Paris which is a European airports operator.