Summit Partners, FleetCor Acquire Masternaut

(RTTNews) - Summit Partners on Friday announced a joint venture with FleetCor Technologies, Inc. (FLT) to acquire Masternaut Group Holdings Ltd., Europe's largest provider of telematics solutions to commercial fleets, from Francisco Partners.

Masternaut's management team, led by its experienced CEO Martin Hiscox, will continue to operate the business and remain shareholders in the company.

Headquarters in the U.K., Masternaut provides a SaaS-based Mobile Resource Management (MRM) application suite for businesses of all sizes to help them achieve greater operational efficiencies through a lowering of vehicle fuel consumption, effective tracking of assets, productivity increases in workforce, reduced vehicle wear and tear, improved management of driver behavior, and a reduction in CO2 emissions. Masternaut has multiple offices and partners throughout Europe, North America, South America and Asia.

FleetCor said it completed a minority investment in Masternaut, while Summit Partners acquired the majority position in Masternaut.