24 Jan 2019

Tyre company buys telematics powerhouse

Tyre and rubber company Bridgestone has entered into an agreement with TomTom to acquire the latter’s telematics business. The deal will be worth 910 million euros.

The intention on the part of Bridgestone – according to a statement – is to create a data platform for connected vehicles. The deal is also intended to help the company enhance its “virtual tyre development and testing” capability.

Speaking of the deal, Paolo Ferrari, CEO and president of Bridgestone EMEA said: “We have found our perfect match in TomTom Telematics. Our complementary assets and capabilities will create a fleet solutions powerhouse, and will further strengthen Bridgestone’s digital technology arm.

“We are now well-positioned in EMEA to accelerate our data-driven business, expand our fleet customer base and seize fast-growing, profitable opportunities in the automotive mobility industry.”

Thomas Schmidt, managing director, TomTom Telematics said: “We are continuing to grow the installed base of vehicles that we service globally. We look forward to accelerating our ambitious growth plan and seizing new opportunities as part of Bridgestone. In the meantime, we expect the transition to be seamless with no disruption for our customers, suppliers and employees.”