Platform Science acquires Trimble telematics
- September 17, 2024
- William Payne
Platform Science is acquiring Trimble’s global transport telematics business units. As part of the agreement, Trimble is becoming a shareholder in Platform Science’s expanded business, and the two companies have announced that they have formed a partnership.
Trimble’s transportation telematics customers will continue to have access to their Trimble services and have access to Platform Science’s Virtual Vehicle platform. Virtual Vehicle-enabled fleets will receive access to the Virtual Vehicle Marketplace focused on fleet performance. Platform Science customers will gain access to Trimble’s remaining portfolio of transportation solutions which will be available on the Virtual Vehicle platform.
Upon close of the proposed transaction, Trimble will have a 32.5 percent stake in the newly expanded global Platform Science business and will receive a Platform Science board seat.
Trimble’s global telematics business units are reported within Trimble’s Transportation & Logistics reporting segment. On a trailing twelve-month basis, the businesses generated approximately $300 million of revenue and approximately $30 million of operating profit. Annualised recurring revenue (ARR) for the businesses was approximately $200 million in the second quarter of 2024.
Trimble’s other transportation business units — Enterprise, Maps, Vusion and Transporeon — are not included in the proposed transaction and will remain part of Trimble’s Transportation & Logistics segment, with a continued focus on priority growth areas following completion of the proposed transaction.
“We believe combining our global transportation telematics portfolio with Platform Science’s will further advance fleet mobility and provide our customers with a broader portfolio of solutions to solve industry problems,” said Rob Painter, president and CEO of Trimble. “Increased collaboration between the new Platform Science business and Trimble’s remaining transportation businesses will enhance our ability to provide positive outcomes for our global customers of commercial mapping, transportation management, freight procurement and visibility solutions. This deal will result in significant synergies along with tremendous opportunities for employees to continue to grow in a more-competitive business.”
“This partnership marks the inflection point for a true platform approach to transportation technology. Now, powered by OEM-native software services, we will deliver unprecedented choice,” said Jack Kennedy, co-founder and CEO of Platform Science. “We are confident choice will expand exponentially as existing providers and new developers now see the opportunity to reach vehicles everywhere with high quality OEM data delivered in a consistent, reliable way. This finally empowers developers to easily address the endemic inefficiencies that have plagued transportation across vehicles globally.”