Michelin to acquire NexTraq from FLEETCOR
Michelin announced that it has agreed to acquire NexTraq, a U.S. provider of commercial fleet telematics, in an all-cash transaction. Based in the Atlanta area, NexTraq is a subsidiary of FLEETCOR Technologies, Inc., a leading global provider of fuel cards and workforce payment products.
NexTraq provides solutions for driver safety, fuel management, and enhancing fleet productivity. Since its inception in 2000, NexTraq has become a leading provider of GPS fleet management solutions for fleets of small commercial vehicles (classes 3‒5) ranging from two to 50 vehicles.
"Telematics and fleet management services are a rapidly growing category worldwide and an important area of Michelin Group's overall business plans," said Ralph Dimenna, Chief Operating Officer for Michelin Americas Truck Tires, the heavy truck unit of Michelin North America. "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."
NexTraq has 117 employees, approximately 7,000 fleet customers and 116,000 individual subscribers. The unit will operate independently within Michelin North America.
The closing of the acquisition is subject to completion of certain customary conditions, including clearance under the Hart-Scott-Rodino Act.