Isotrak, a global provider of telematics and fleet management systems for commercial vehicle operators, has today announced the acquisition of leading UK fleet management technology business VeriLocation.
Headquartered in Milton Keynes, Isotrak provides real-time visibility, control and measurement of fleet performance to help supply chain management teams quickly address transportation problems and change the outcome before they turn into costly errors. Isotrak offers a fleet management solution that enables enterprises to gain real-time visibility, control and measure their fleet’s performance, and improve efficiency through a robust data-driven platform.
Northampton-based VeriLocation has established itself as a technology leader in the commercial vehicle telematics market, focusing on both product innovation and customer service. The synergy created by the deal will enable customers of both businesses to benefit from additional system functionality and a broader product range. In addition, clients now have the choice from a full range of fleet management products that will meet the requirements of all types and sizes of commercial vehicle operators.
The combined services will reinforce Isotrak’s position as a market leader with best in class products and solutions, positioning the company to offer valuable data analytics, as well as capitalise on global innovation themes such as alternatively fuelled vehicles.
The combined business will benefit from a significantly larger end market, high organic growth rates and offer a suite of market leading technology, based around a single instance cloud solution. The deal will create a business serving over 500 customers globally across the fleet and telematics industries.
Andrew Overton, CEO of VeriLocation, commented:
“Acuity were chosen to act as our advisor on the sale to Lyceum and have supported us fully along the way in terms of preparation, running a global sales process, deal structure and legals. Matt has proven to be a respected and knowledgeable partner in this detailed process and provided experience and support in all parts of the sale journey. I would fully recommend Matt and the Acuity team to technology entrepreneurs looking for sector-led M&A advice.“
Jim Sumner, Isotrak Chairman, said:
“The businesses are a perfect fit for each other and will give our customers the best available technologies on a single platform.”
Lyceum Capital’s Dan Adler, a non-executive director for Isotrak, said:
“VeriLocation is a software business with complementary functionality to Isotrak’s services and we are committed to identifying, acquiring and integrating businesses that provide a strong strategic fit, across all our investments. We are certain that Isotrak will continue to build on its position as a market leader in the dynamic telematics space and will remain at the forefront of new product innovation.”
Richard Baker, Acuity Managing Partner said:
“VeriLocation’s telematics platform and technology is at the forefront of the market with significant further growth potential. The combination with Isotrak will drive wide opportunities across both businesses, for current and future customers. Andrew and the team have built a great business with the customer at its core and we have thoroughly enjoyed working with the team in finding the right partner to take VeriLocation forward.“
Acuity Advisors have a market leading track record within the IoT sector. This sale represents Acuity’s 11th European IoT project in the last 24 months, and is our second significant IoT strategic exit completed in the first half of 2017.