Platform Science to acquire Trimble's global transportation telematics business units
Trimble and Platform Science have announced they are partnering through a definitive agreement for Platform Science to acquire Trimble's global transportation telematics business units. As part of this agreement, Trimble will become a shareholder in Platform Science's expanded business.
"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," Rob Painter, president and CEO of Trimble, said. "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. This deal will result in significant synergies along with tremendous opportunities for employees to continue to grow in a more competitive business."
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The proposed transaction aims to enhance driver experience, fleet safety, efficiency, and compliance by combining two in-cab commercial vehicle ecosystems, which will give customers access to more applications and offerings. Trimble's global transportation telematics customers will continue to enjoy the benefits of their Trimble solutions with the added flexibility of the Virtual Vehicle platform from Platform Science. Virtual Vehicle-enabled fleets will receive access to the Virtual Vehicle Marketplace, which offers hundreds of new and expanded applications, software, and solution providers focused on innovating and improving the quality of life of drivers and fleet performance.
“We’ve done over 100 acquisitions in the last 20 years ... we’ve also divested businesses over time when we’ve felt like we weren’t the best owner for it,” Painter explained during a media roundtable after the news was announced at Trimble Transportation's 2024 Insight Tech Conference + Expo in Las Vegas. “In this case, I felt like we weren’t the best majority owner. And we believe so much in the ongoing integration that it was important for us to have a meaningful and significant stake in the go-forward business, so [the decision] just feels absolutely right to me.”
Platform Science customers will enjoy Trimble's remaining portfolio of transportation solutions, which will be available on the Virtual Vehicle platform.
"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," said Jack Kennedy, co-founder and CEO of Platform Science.
