Wabco Holdings, the global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles, today announced that it is expanding its global fleet management solutions (FMS) business to India by acquiring AssetTrakr, a Bangalore-based FMS provider.
The company has signed an agreement to purchase 100 percent of AssetTrackr’s shares. The transaction, subject to customary conditions precedent, is expected to close by the fourth quarter 2017.
Founded in 2013, AssetTrackr is a start-up company that helps commercial vehicle (CV) fleets track, analyse and optimise their transportation resources and assets in real time. AssetTrackr utilises advanced, cloud-based fleet management software and telematics hardware, which enables fleet operators to connect vehicles, drivers, and cargo and to monitor relevant data. The company's systems capture vehicle departure and arrival times, detect unauthorised stoppages or route deviations, optimise delivery routes, minimise delays, and monitor driving behaviour. In this manner, they help improve the operational efficiency and safety of commercial vehicle fleets.
To develop products tailored for India
Wabco says it will link AssetTrackr’s local market and systems expertise with its own leading telematics solutions. Blending together complementary systems and domain expertise from both companies, Wabco will combine its Vehicle Tracking System (VTS), a dedicated fleet management solution for India launched in September 2015, with AssetTrackr’s portfolio. This will create products for India’s commercial vehicle OEMs and fleet operators based on the industry’s most comprehensive telematics capabilities.
"Wabco is committed to making its market leading fleet management solutions available to commercial vehicle operators globally. With the acquisition of AssetTrackr, we can leverage the combination of Wabco's CV systems expertise and industry-leading safety and efficiency technologies with AssetTrackr’s deep, local-market capabilities to serve customers in India. Today less than 2% of India’s CVs have telematics capabilities, presenting a huge opportunity that Wabco and AssetTrackr will be well placed to fulfill," said Jacques Esculier, Wabco chairman and CEO.
"The integration of comprehensive real-time data gathered from Wabco's advanced onboard systems with AssetTrackr’s innovative asset tracking, analytics and optimisation services will help fleet operators to drive operational efficiency and vehicle safety in India and in other rapidly developing markets worldwide," Esculier added.
“We are excited to welcome AssetTrackr to the Wabco family,” said P Kaniappan, vice-president, Wabco India. “With the acquisition of AssetTrackr, Wabco will build on its 55-year history in India, serving all leading OEMs and adding further capability to empower fleets through increasing digitalisation of vehicles. Wabco’s ambition is to offer unrivalled solutions that advance the safety, efficiency and connectivity of commercial vehicles in India. Advanced fleet management solutions are rapidly becoming an integral part of fleets’ business strategies as they seek to leverage the full benefits of the Internet of Things within the transportation industry.”
"We are thrilled to join Wabco, a global leader in the commercial vehicle industry. 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 CEO. "Both companies have established reputations for serving the industry’s leading players in their respective market sectors. Together, we will take fleet management solutions to new heights."
Wabco plans to combine AssetTrackr’s operations with its existing digital services business, which manages Wabco’s global portfolio of data-driven services and technologies, including its industry-leading fleet management solutions. In addition, it will leverage its supply chain, business support infrastructure, development capabilities, and expansive customer service network to accelerate AssetTrackr’s growth in India and globally.