Bridgestone has reached an agreement with Sumeru Equity Partners, Danlaw, Inc., and other shareholders to purchase Azuga Holdings, Inc. (Azuga) and the Azuga fleet management platform for 391 million dollors. Bridgestone's efforts to develop and deploy sustainable mobility solutions, which are a key component of the company's advanced mobility strategy, will be accelerated as a result of the acquisition. The deal has been approved by the boards of directors of both companies and is scheduled to be finalised by the end of the third quarter.
Bridgestone will take ownership of Azuga's brands and business platforms, subject to usual closing conditions and regulatory approvals. The Azuga fleet management platform, which features superior safety and fleet management technologies, will add to Bridgestone's existing cloud-based fleet mobility solutions portfolio.
Bridgestone's comprehensive fleet solutions for small to enterprise-sized fleets will be swiftly advanced as a result of the purchase of Azuga, which will provide real-time vehicle operations insights and data analytics that will improve safety, efficiency, and customer service experiences. Bridgestone will use Azuga's powerful fleet data collection platform to accelerate the development of Bridgestone core tyre products and AI solutions.
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"Azuga is revolutionizing the way that fleets do business in the U.S. with class-leading software and a rapid innovation process that will further advance Bridgestone’s vision to be a sustainable solutions company," said Paolo Ferrari, Global Chief Solutions Business Officer, Bridgestone Corporation, and President and CEO, Bridgestone Americas. "We are working toward providing the most sustainable and intelligent solutions for safer and more efficient mobility, and Azuga will help us accelerate their development and deployment to our customers."
Azuga, a technology company founded in 2012, has built a comprehensive fleet management platform for insurers that includes GPS tracking, video telematics, driver behaviour management, and accident reduction solutions. These technologies add value to fleets and insurers by improving road safety while also lowering fuel consumption and vehicle wear and tear.
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Azuga assists enterprises across industries, including commercial fleets, insurance firms, and government agencies, with over 6,000 fleet business customers across North America. Azuga's headquarters will remain in Silicon Valley. Upon completion of the purchase, all Azuga workers and facilities in the United States and India will join Bridgestone.
"Bridgestone's focus on building a more sustainable future through mobility-based technologies is well aligned with the mission of Azuga," said Ananth Rani, CEO of Azuga Holdings, Inc. "Together, our teams will continue the momentum we've already created, and accelerate our path toward providing the most advanced mobility solutions for our customers and society."
"Since our initial investment in 2018, Azuga has scaled rapidly to become a leader in the fleet management and mobility solutions market," said Mark Haller, principal at Sumeru Equity Partners. "It has been a privilege to partner with the Azuga team over the last three years, and we look forward to watching Bridgestone and Azuga thrive together in the future."
