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As per the latest news circulating in the tech media world, leading French tyre manufacturing company Michelin aspires to buy the Telematics business of TomTom, a Dutch navigation service company. Notably, Michelin is heading towards the second round of sales process which TomTom initiated since September end this year. Further, it has been also reported that the company is willing to integrate Telematics into its own fleet management division Michelin Solutions. Further, Telematics may seal the deal in an amount between €1 billion and €1.5 billion.
Others in the loop
Meanwhile, British investment firm Pamplona Capital Management, which owns 26.5% stake in Octo Telematics – an Italian company, has also shown interest to buy Telematics from TomTom. Also, Bridgestone, a Japanese tyre manufacturer, is also sprinting high in the channel of the Dutch auction.
Telematics – the leader in fleet management
With more than 800 employees, TomTom Telematics is one of the world’s leading telematics solution providers having above 785,000 subscriptions worldwide. It operates in the sector of fleet management, vehicle telematics and connected car services. To enhance the fuel efficiency and vehicular performance, it provides software and service solution WEBFLEET for small to large businesses. Moreover, drivers in more than 60 countries get benefited from the company’s local support network, as well as its extensive range of sector-specific third-party applications and integrations. Furthermore, TomTom Telematics offers services for companies ranging from insurance and rental ones to car importers. Notably, the company serves more than 48,000 consumers every day; maintaining the high standards of confidentiality and integrity.
TomTom – With a startup to a global tech company
Headquartered in Amsterdam, TomTom was started by Harold Goddijn along with Peter Frans Pauwels, Pieter Geelen and Corinne Vigreux in 1991. From a startup, it has now become a global technology company operating in 60 countries with worldwide employee strength of more than 4,600. The user-friendly software and navigation technologies designed by TomTom power millions of applications worldwide including GPS-based products, embedded automotive navigation solutions and innovative personal navigation devices.
Nowadays, the company is focusing on smart mobility, autonomous driving and smart cities. Also, it necessitates the availability of exact maps that feature accuracy to the nearest centimetre. Most importantly, it is to be updated live incessantly.
A head-on with Google
TomTom is one of the key players in the space offering navigation HD cards for autonomous vehicles. It is facing a tough competition with Google, which recently signed indentures with Renault, Mitsubishi, Nissan and Volvo to provide navigation and infotainment services in the car.
Stay tuned to Silicon Canals for more updates in the tech startup world.