Summit Partners, FleetCor Technologies To Acquire Masternaut - Quick Facts

(RTTNews) - Growth equity investor Summit Partners Wednesday 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 CEO Martin Hiscox, will continue to operate the business and remain shareholders in the company.

Founded in 1996 and with headquarters in the U.K., Masternaut provides a SaaS-based Mobile Resource Management application suite for businesses. Masternaut now employs over 600 telematics specialists and has more than 10,000 customers.

FleetCor provides fuel cards and workforce payment products to businesses.