Mergers and Acquistions News
Categories: Software
April 14th 2011, 11:38AM
Two UK vehicle tracking companies have announced this week that they are to merge, in a bid to form a single 'pan-European telematics company'.
Cybit and Masternaut have said they will combine to form a new business under the Masternaut name. Five hundred people will be employed by the new venture, which has been formed with the intention of capitalising on "rapid consolidation" in the market.
Bill Henry, group chief executive officer of the new Masternaut said: "By combining Cybit and Masternaut, we can innovate faster, increase our geographic reach, raise industry standards, and bring customers opportunities for improved business performance."
Vehicle tracking software developed by the company will aid communication between a GPS receiver and an electronic device installed in vehicles.
The software is commonly used by police for the tracking of stolen vehicles, by companies as they track their fleet of vehicles, and by businesses which need to track valuable assets being driven from one part of the country to another.
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