Belgium-based WABCO Holdings today said it has entered into an agreement to buy AssetTrackr as it aims to expand its global fleet management solutions (FMS) business.
The company has signed a pact to purchase 100 per cent shares of Bengaluru-based AssetTrackr, WABCO said in a statement.
The transaction is now subject to customary conditions and expected to close by the fourth quarter of 2017, it added.
The company however did not disclose financial details.
"With the acquisition of AssetTrackr, we can leverage the superb combination of WABCO's commercial vehicle systems expertise and industry-leading safety and efficiency technologies with AssetTrackr's deep, local-market capabilities to serve customers in India," WABCO Chairman and CEO Jacques Esculier said.
Currently, less than two per cent of the country's commercial vehicles have telematics capabilities, presenting a huge opportunity for WABCO and AssetTrackr, he added.
"Both companies have established reputations for serving the industry's leading players in their respective market sectors. Together we will take fleet management solutions to new heights," AssetTrackr founder and CEO Ashok Yerneni said.
WABCO plans to combine AssetTrackr's operations with its digital services business, which manages its global portfolio of data-driven services and technologies.
It will also leverage its supply chain, business support infrastructure, development capabilities and customer service network to accelerate AssetTrackr's growth in India and around the globe.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)