Fleet Complete, provider of fleet telematics, or wireless vehicle data monitoring, has acquired a Dutch fleet telematics software company with backing from the Madison Dearborn Partners private equity firm.
The acquired company, ITmobile, based in Heukelum, Netherlands, provides nearly 1,000 customers with fleet, asset and mobile worker technology for productivity, safety and compliance. According to Toronto-based Fleet Complete, ITmobile will serve as a base for its high-growth business model in Europe and help it expand the products offered by the merged companies to new geographic areas.
Terms of the deal were not disclosed. Management teams from both companies funded the deal, along with Chicago-based Madison Dearborn, which purchased a controlling position in Fleet Complete in 2014. ITmobile’s founders, Harald Treur and Klaas Collet, are staying with the company. ITmobile is Fleet Complete’s second acquisition following the Madison Dearborn majority investment.
ITMobile, founded in 2000, has customers in the Netherlands, Belgium and Luxemburg. Combined, Fleet Complete and ITMobile have more than 230 employees and 7,000 customers.
Madison Dearborn was a seller in an announced software deal in October 2015, selling Aderant Holdings Inc., a software developer for law firms, to Roper Technologies Inc. (NYSE: ROP) for $675 million.
Other recent software M&A deals have included PTC Inc. (Nasdaq: PTC) buying Kepware, a software developer for communications in the energy, manufacturing and industrial sectors for up to $118 million, in a deal announced in December 2015. Also in December, Tyco International plc (NYSE: TYC) announced it would acquire ShopperTrak, a retail data tracking company, for $175 million.
For on M&A trends in cloud technology, see Cloud-Computing Will Keep the Deals Coming.