Wed, 05/02/2014 - 12:17
Lysanda, a telematics technology provider for fleet and insurance markets, has acquired Tracker Network (UK), a stolen vehicle recovery provider and a wholly owned subsidiary of Direct Line Group.
The combined companies intend to establish Tantalum Corporation, with approximately GBP20m in revenues and some 500,000 telematics installations throughout Europe.
The deal will combine Lysanda’s B2B customer base alongside Tracker’s long-standing B2C sales reach.
The acquisition has been funded by the existing Lysanda investors, including the Sustainable Technology Fund, Rockhopper Investments and Disruptive Capital Finance.
Cédriane de Boucaud, non-executive director at Lysanda, says: “Lysanda has been at the forefront of developing highly strategic and innovative solutions for fleet operators, OEMs, and their Tier 1 suppliers. The technology has very broad applicability and we believe it is poised for rapid growth. By acquiring Tracker, we have immediate scale and extended infrastructure that gives our fleet operators, OEM customers and other prospects confidence that we can deliver both volume and support to major vehicle roll-out projects.”
Stephen Doran, managing director of Tracker, says: “Tracker is a very well-known and respected brand in the UK, serving consumers, corporates and insurance Customers and is recognised for providing the very best digital technology to deliver proactively the best stolen vehicle recovery technology available in the market. This is a highly complementary merger as Lysanda has the innovation and OEM relationships we need to continue our recent developments in Fleet and Insurance telematics. This will position the new entity as one of the UK’s most advanced and scalable telematics company.”
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