Teletrac Navman acquired by private equity

US-based telematics firm Teletrac Navman – which tracks around 700,000 on- and off-road assets worldwide – has been acquired by private equity firm Respida Capital. The seller, Vontier Corp, will retain a minority stake in the business.

The purchase price is US$220 million, comprising $80 million in cash plus an interest-bearing loan from Vontier to Respida and the value of the equity. Respida, based in Miami, Florida, specialises in acquiring software companies.

“This new partnership with Respida will enable an exciting next phase of growth for Teletrac Navman,” said Alain Samaha, Teletrac’s CEO.

Teletrac Navman's technology and software is used to manage more than 700,000 on- and off-road assets worldwide. (Image: Teletrac Navman)

“Respida’s deep technology expertise and long-term investment approach will allow us to accelerate our momentum across multiple strategic pillars, including meaningful product innovation, and vertical and geography expansion, while maintaining the high quality of service our customers expect from us.”

James Zubok, founder and managing member of Respida, said fleet management was at an inflection point, with operators seeking new ways to be productive and profitable amid rising cost and regulatory pressures.

“Teletrac Navman is uniquely positioned to help operators solve these challenges. We are excited to partner with Teletrac Navman and support its continued momentum during this critical growth period.”

Speaking in early May when the deal was first announced, Mark Morelli, CEO of Vontier, said the deal reflected the company’s ongoing “portfolio simplification” strategy.

He continued; “While this sale marks the end of the business’s journey with Vontier, we are confident Teletrac will continue to thrive within Respida’s portfolio.”

Teletrac Navman provides real-time data to fleet operators around the world. It supports businesses in transport, logistics, construction and the public sector through its AI-enabled TN360 fleet management solution.