Under the deal, Masternaut’s management team led by CEO Martin Hiscox will continue to operate the business and remain shareholders in the company.

Masternaut was founded in 1996 and had its headquarters in the UK. The firm, said to be Europe’s largest provider of telematics solutions to commercial fleets, provides a SaaS-based Mobile Resource Management (MRM) application suite for businesses of all sizes. Masternaut has customers in 32 countries along with multiple offices and partners throughout Europe, North America, South America and Asia.

‘We are excited to partner with both Summit Partners and FleetCor,’ said Martin Hiscox, CEO of Masternaut. ‘Summit Partners brings a wealth of experience in helping fast growing companies reach their goals. FleetCor is a leading global provider of fuel cards and workforce payments products to the same commercial fleet customers that Masternaut serves. We look forward to exploring significant cross marketing opportunities that exist between our companies to accelerate the growth of Masternaut. We also would like to thank Francisco Partners for their tremendous support of our company over the last four years.’

FleetCor’s joint venture with Summit Partners to acquire Masternaut follows the company’s expansion into the UK and European fleet markets. The firm acquired the AllStar fuel card from Arval at the end of 2011, in a move to provide it with a strong presence in the UK market, whilst last November saw FleetCor announce its acquisition of epyx, a specialist in IT solutions for the automotive sector, from HgCapital in a move to expand into the fleet maintenance sector.

Ron Clarke, chairman and CEO of FleetCor, said: ‘We are delighted to team up with Summit Partners in acquiring Masternaut. In a short period of time, Masternaut has developed the best-in-class telematics product and a pan-European footprint. We at FleetCor have valuable fleet customer and partner relationships in Europe. Combination of the two would allow us to deliver more value to our clients, differentiate our product offerings, and ultimately grow our businesses.’

Arma Partners acted as exclusive financial advisor to Masternaut.