Michelin will acquire NexTraq, a U.S. provider of commercial fleet telematics, in an all-cash transaction.
NexTraq is headquartered in Atlanta and has 117 employees, approximately 7,000 fleet customers and 116,000 individual subscribers. The company offers a broad array of products for equipment and logistics management including fleet tracking, fuel management, maintenance, and asset management data that can be integrated into existing data management software.
"NexTraq represents a strategic acquisition that accelerates our growth in telematics with synergies that increase our scale, expand our geographic footprint and strengthen overall competitiveness in fleet management technology and services in the United States," said Ralph Dimenna, COO for Michelin Americas Truck Tires, in a statement.
The NexTraq unit will operate independently within Michelin North America, according to both companies. Ron Clarke, chairman/CEO of Fleetcor, said his firm is divesting its ownership of NexTraq because “there is insufficient synergy with our core payments business” in the fuel card services arena to stay invested in the telematics space.