Francisco Partners Sells Masternaut to Newly Formed Joint Venture between Summit Partners and FleetCor Technologies

Transaction represents Francisco Partners' fifth completed sale of 2014.

Francisco Partners, a technology-focused private equity firm, today announced the sale of Masternaut Group Holdings, Europe’s largest provider of telematics solutions to commercial fleets, to a newly formed joint venture between Summit Partners and FleetCor Technologies (NYSE: FLT).

“We have thoroughly enjoyed the opportunity to work with Martin Hiscox and the team at Masternaut to reposition the company during a time of significant transition within the telematics industry,” said Deep Shah, a partner with Francisco Partners in its London office. “The team has created a position of true leadership in the market and it is well-positioned for future success.” Matt Spetzler of Francisco Partners added “This leadership position has been enhanced through a heavy investment in developing a suite of market-leading best-in-class products that has set Masternaut apart from its competitors.”

Europe’s largest provider of telematics solutions, Masternaut was the combination of two separate companies, Cybit and Masternaut, which Francisco Partners acquired in 2010 and 2011 respectively. The company provides a SaaS-based Mobile Resource Management (MRM) application suite to help businesses of all sizes improve operating efficiencies, such as lowering vehicle fuel consumption, more effectively tracking assets, increasing workforce productivity and reducing vehicle wear and tear.

Masternaut CEO Martin Hiscox commented on the news, “Francisco Partners has been a highly supportive owner of Masternaut and a true partner to the management team. We appreciate all that has been accomplished and look forward to working with the team at Summit Partners and FleetCor.”

Arma Partners acted as financial advisors to Masternaut in connection with the transaction. Kirkland & Ellis acted as legal advisers to the selling shareholders and O’Melveny & Myers represented the management team.

ABOUT MASTERNAUT
Formed through the combination of established telematics providers, Cybit and Masternaut, the new Masternaut boasts the broadest range of telematics products, services and R&D capability in Europe. The business has more than 500 employees that support 10,000 customers across Europe.