Bridgestone to buy fleet management software firm for $391M
NASHVILLE, Tenn. (AP) — Bridgestone Americas has announced plans to buy a company that provides fleet management software for $391 million.
On Monday, Bridgestone announced the agreement to buy Azuga Holdings Inc. and the company’s fleet management platform, which includes GPS tracking, video telematics, driver behavior management and accident reduction solutions for insurers.
Azuga currently has more than 6,000 fleet business customers in North America.
Their employees in the U.S. and India will join Bridgestone when the transaction is completed.
Bridgestone says the boards of both companies have approved the deal and it’s expected to close by the end of the third quarter.
Bridgestone will buy the company from Sumeru Equity Partners, Danlaw, Inc. and other shareholders.
Known for its tires, Bridgestone says the acquisition will complement the company’s cloud-based fleet mobility offerings.