FleetMatics and SageQuest have announced completing a merger agreement in which FleetMatics agreed to acquire 100% of the outstanding shares of SageQuest, creating a combined new entity. The terms of the transaction were not disclosed.
According to the companies, the new business will be a global software-as-a-service (SaaS) company for vehicle management solutions.
FleetMatics is a privately-funded SaaS firm focused on GPS vehicle tracking, while SageQuest LLC currently provides GPS vehicle management solutions designed to improve the efficiency and productivity of mobile workers for utility, cable and broadband companies.
"With this acquisition of SageQuest, FleetMatics will extend our ability to deliver the best-in-class products and services to fleets of all sizes,” said Jim Travers, CEO of FleetMatics. “It is the strength of our combined products and services as well as our reputation as superior service providers that compelled this combination to happen.
"Together we possess an unmatched set of products and services,” added Travers. “We are now in a stronger position to capture market share faster than our competitors and accomplish our goal of being the leading global software-as-a-service provider of vehicle management solutions."
"We are excited about the prospects of growth through our combined efforts,” said Dennis Abrahams, president of SageQuest. “While both organizations have had successful records of performance, this merger positions us as the clear market leader. We now have the scale and financial stability to expand our reach into the commercial fleet market.”