Two highly successful UK-based vehicle-tracking firms, Cybit and Masternaut, are merging to create a ‘pan-European telematics company.’
The business name Masternaut will be used for the new entity, which will consist of a 500-strong workforce, a customer base of 10,000 and a presence in 32 countries.
The deal is being supported by US private equity firm Francisco Partners, which has been the owner of Cybit since its purchase in 2009.
Bill Henry the new CEO for the Masternaut Group commented: “By combining Cybit and Masternaut, we can innovate faster, increase our geographic reach, raise industry standards, and bring customers opportunities for improved business performance.”
Both firms have separately been noted for their success and rapid growth. Cybit was ranked 13th in the Sunday Times international Fast Track list and Masternaut was placed in the 2007, 2008 and 2009 Sunday Times (UK) Tech Track 100.
Located in Cambridgeshire, Cybit Limited achieved sales of £10.69 million for the year to 31 March 2010. Leeds-based Masternaut UK Limited reported revenues of £21.19 million for the year ending 31 August 2009.
