Bridgestone Americas today announced that it has acquired Azuga, a connected vehicle platform for fleet operators, for $391 million in cash and stock. As a part of the deal, Bridgestone says it’ll take ownership of all of Azuga’s assets and integrate the team, including CEO Ananth Rani, into the parent company’s mobility solutions division.
The move comes as Bridgestone pivots to technology and logistics services, which the company aims to grow to 25% of its global revenues by 2025. While mobility and transportation firms — which are involved with the movement, storage, and flow of goods — have been impacted by the pandemic, Bridgestone is betting on a rosy future in the fleet management and telematics space, which is forecasted to grow to more than $10 billion in the U.S. over the next 3 to 5 years.
San Jose, California-based Azuga, which Rani founded in 2013, leverages GPS, vehicle diagnostics, and driver rewards to help survey and manage vehicle fleets. Its platform records miles, stops, and vehicle and driver alerts, using analytics to track metrics like driving behavior, fuel consumption, accident risk, and more.
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