Belgium-headquartered Wabco, a global technology leader and supplier of safety and control systems to commercial vehicles, has signed an agreement to buy Bengaluru-headquartered AssetTrackr, a provider of fleet management solutions (FMS), for an undisclosed sum.
Wabco will buy 100 per cent of AssetTrackr’s shares and the transaction is expected to close by the fourth quarter in 2017, according to a statement.
Founded in 2013, AssetTrackr helps commercial vehicle fleets track, analyse and optimise their transportation resources and assets in real time. Its solutions are aimed at improving the operational efficiency and safety of commercial vehicle fleets.
Wabco will combine its vehicle tracking system, a fleet management solution for the Indian market, with AssetTrackr’s portfolio. This will create products for the country’s commercial vehicle OEMs and fleet operators.
Wabco will leverage local development capability to advance the growth of its fleet management solutions business in India and across other markets worldwide, it said. “Today less than two per cent of India’s commercial vehicles have telematics capabilities, presenting a huge opportunity that Wabco and AssetTrackr will be well placed to fulfill,” said Jacques Esculier, Wabco’s Chairman and CEO.
“Wabco and AssetTrackr are recognised as innovators and pioneers of breakthrough technologies and services that enable safer and more efficient commercial vehicles on India’s roads," said Ashok Yerneni, AssetTrackr Founder and Chief Executive Officer.