Global connected mobility platform Teletrac Navman has officially completed its acquisition by private equity firm Respida Capital.

The closure of the deal marks Teletrac Navman’s official transition into a standalone private entity

The closure of the deal marks the software company’s official transition into a standalone private entity. Former parent company Vontier Corporation retains a minority equity stake in the business.

The deal, which was first reached in May, values Teletrac Navman at $220m (£164.4m) according to reports.

Teletrac Navman provides real-time data that enables fleet operators across the globe to streamline operations, enhance safety, and drive sustainability through smarter decision making. It currently supports organisations across the transport, logistics and construction industries, as well as the public sector through its AI-enabled TN360 fleet management solution.

According to leadership, the capital injection from Respida will be used to scale product features and break into new market territories.

“This new partnership with Respida will enable an exciting next phase of growth for Teletrac Navman,” said Alain Samaha, chief executive officer, Teletrac Navman. “Respida’s deep technology expertise and long-term investment approach will allow us to accelerate our momentum across multiple strategic pillars, including meaningful product innovation and vertical and geography expansion, while maintaining the high quality of service our customers expect from us.”

The deal comes as private equity and venture capital firms invest heavily in telematics and mobile asset management.

Respida Capital said the partnership would accelerate growth and continue delivering for customers.

“Fleet management is at an inflection point, with operators seeking new ways to stay productive and profitable amid rising cost and regulatory pressures,” added James Zubok, founder and managing member of Respida Capital. “Teletrac Navman is uniquely positioned to help operators solve these challenges. We are excited to partner with Teletrac Navman and support its continued momentum during this critical growth period.”