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On 20th July, 2017, Michelin added another feather to its cap when it announced that it is acquiring NexTraq, a U.S based provider of commercial fleet telematics, in a cash transaction. NexTraq, is a subsidiary of FLEETCOR Technologies, Inc., based in Atlanta, USA. It is a leading global provider of fuel cards and workforce payment products.
Providing solutions for driver safety, fuel management and enhancing fleet productivity, Founded in the year 2000, NexTraq, has become a major provider of GPS fleet management solutions for fleets of small commercial vehicles.
As per Ralph Dimenna, COO for Michelin Americas Truck Tires that since Telematics and fleet management services are a rapidly growing category worldwide and an important area of Michelin Group’s overall business plan, therefore, NexTraq represents a strategic acquisition that accelerates Michelin’s growth in telematics with synergies that will increase Michelin’s scale, its geographical footprint and will strengthen the overall competitiveness in fleet management technology and services in the U. S.
According to Ron Clarke, Chairman and CEO of FLEETCOR, the decision to divest the NexTraq is centred on the conclusion that there is insufficient synergy with the core payment business to stay invested in the space.
On the road safety aspect, Dimmena commented that since the NexTraq has the technology that monitors reckless driving and stops texting while driving, this acquisition will culturally fit into Michelin’s purpose and long standing commitment to road safety.
NexTraq employs 117 people and has a fleet customer base of 7,000 along with 116,000 individual subscribers. They are going to operate independently within Michelin North America group. The acquisition will be closed once certain customary conditions are completed including clearance under the Hart-Scott-Rodino Act.
About FLEETCOR
FLEETCOR has a geographical reach in North America, South America, Europe, and Australia. It is a prime global provider of fuel cards and workforce payment products to various businesses.
