Sensata Technologies, a industrial technology company and provider of sensor-rich solutions, has acquired Xirgo Technologies Intermediate Holdings LLC, telematics and data insight provider, for $400 million.
Jeff Cote, Sensata CEO and president, said “Xirgo is our first acquisition to expand our Smart & Connected growth vector, demonstrating progress against this large, fast-growing market opportunity. Xirgo establishes the foundation for our next phase of growth as we become a data insight provider for fleet managers – giving them actionable data in the right place at the right time.”
Shawn Aleman, co-founder and chief executive officer at Xirgo, said “Xirgo has a proven track record of delivering enterprise class data insight and cloud platform services integrated with our broad portfolio of technologies to offer comprehensive yet flexible solutions for our customers. The diversity of our technology gives Sensata comprehensive IoT solutions for fleets of all classes and sizes as well as the opportunity to expand into new markets and verticals. I am thrilled to join the Sensata team at this stage of our growth, as we accelerate value creation for our customers and partners.”