Platform Science acquires Trimble Telematics Unit to Revolutionise Fleet Technology
In a ground-breaking move set to reshape the transportation industry, Platform Science has announced its definitive agreement to acquire Trimble’s global transportation telematics business units.
This strategic partnership aims to accelerate the global expansion of Platform Science’s Virtual Vehicle platform, promising to enhance driver experience, fleet safety, efficiency, and compliance across the board.
A New Era for In-Cab Technology
By uniting two cutting-edge in-cab commercial vehicle ecosystems, the acquisition is poised to offer customers unprecedented access to a broader portfolio of applications and offerings. The collaboration between Platform Science and Trimble isn’t just a business deal—it’s a significant step toward transforming fleet mobility on a global scale.
“We believe combining our global transportation telematics portfolio with Platform Science’s will further advance fleet mobility and provide our customers with a broader portfolio of solutions to solve industry problems,” said Rob Painter, president and CEO of Trimble. “Increased collaboration between the new Platform Science business and Trimble’s remaining transportation businesses will enhance our ability to provide positive outcomes for our global customers of commercial mapping, transportation management, freight procurement, and visibility solutions.”
Expanding the Virtual Vehicle Platform
Upon closing the proposed transaction, Trimble’s global transportation telematics customers won’t just maintain their current solutions—they’ll gain the added flexibility of Platform Science’s Virtual Vehicle platform. This means access to the Virtual Vehicle Marketplace, offering hundreds of new and expanded applications, software, and solutions aimed at innovating and improving drivers’ quality of life and fleet performance.
Jack Kennedy, co-founder and CEO of Platform Science, expressed his enthusiasm: “This partnership marks the inflection point for a true platform approach to transportation technology. Now, powered by OEM-native software services, we will deliver unprecedented choice. We are confident choice will expand exponentially as existing providers and new developers now see the opportunity to reach vehicles everywhere with high-quality OEM data delivered in a consistent, reliable way.”
Trimble Becomes a Stakeholder
As part of the agreement, Trimble will become a significant shareholder in Platform Science’s expanded business, holding a 32.5 percent stake and securing a seat on the company’s board. This positions Trimble alongside other key strategic investors such as C.R. England, Cummins, Daimler Truck, PACCAR, Prologis, RyderVentures, and Schneider.
The deal is expected to result in significant synergies, offering tremendous opportunities for employees to grow within a more competitive business environment. It’s a win-win situation that not only benefits both companies but also promises to deliver enhanced value to customers and stakeholders alike.
Financial Highlights and Future Growth
Trimble’s global telematics business units, reported within its Transportation & Logistics segment, generated approximately $300 million in revenue and about $30 million in operating profit over the trailing twelve months. The annualized recurring revenue (ARR) for these businesses was around $200 million in the second quarter of 2024.
The divestiture is anticipated to be accretive to Trimble’s organic revenue growth rate, organic ARR growth rate, gross margin, and operating profit margin. This strategic move allows Trimble to focus on its core transportation business units—Enterprise, Maps, Vusion, and Transporeon—which will remain part of its Transportation & Logistics segment with a continued emphasis on priority growth areas.
What This Means for the Industry
For construction professionals, industry investors, and policymakers, this acquisition signals a significant shift in how transportation technology will evolve in the coming years. The integration of Trimble’s telematics units into Platform Science’s ecosystem is expected to drive innovation, improve efficiencies, and create new opportunities for growth within the industry.
The collaboration also underscores the importance of flexibility and choice in fleet management solutions. By providing a platform that is both expansive and customizable, fleets can tailor their technology stack to meet specific needs, leading to better performance and a competitive edge in the market.
The Road to Completion
The proposed transaction is expected to close in the first half of 2025, subject to customary closing conditions, regulatory approvals, and any delayed closings that may be required in certain foreign jurisdictions. In the meantime, both companies are gearing up to ensure a smooth transition and are optimistic about the future.
Advisors for the transaction include Centerview Partners LLC and Goldman, Sachs & Co. LLC for Trimble, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel. Platform Science is being advised by J.P. Morgan Securities LLC, with legal advisors from Gibson, Dunn & Crutcher LLP, Fenwick & West LLP, and Fish & Richardson LLP.
Trimble and Platform Science
Trimble is transforming the ways people move, build, and live. Core technologies in positioning, modeling, and data analytics connect the digital and physical worlds to improve customers’ productivity, quality, safety, transparency, and sustainability.
Platform Science is revolutionising transportation technology by empowering enterprise fleets with a unified, user-friendly platform. They make it easy to develop, deploy, and manage mobile devices and applications on commercial vehicles, giving fleets an edge in efficiency, flexibility, visibility, and productivity. Recognised by Fast Company as one of the World’s Most Innovative Companies, Platform Science continues to lead the charge in fleet technology innovation.
A Transformative Journey Ahead
This landmark acquisition is more than just a business transaction; it’s a transformative journey that promises to redefine transportation technology. By leveraging each other’s strengths, Platform Science and Trimble are set to deliver innovative solutions that will benefit the entire industry.
It’s an exciting time for all stakeholders involved, and the road ahead looks promising indeed.
