Cybit Holdings Plc the leading provider of telematics services and software, today confirmed the completion of its acquisition by Francisco Partners, one of the world’s largest global technology-focused private equity firms.
[UKPRwire, Fri Jan 22 2010] Cybit Holdings Plc the leading provider of telematics services and software, today confirmed the completion of its acquisition by Francisco Partners, one of the world’s largest global technology-focused private equity firms.
Francisco Partners is a global technology-focused private equity fund that provides transformational growth capital to technology businesses. The firm is one of the largest technology-focused private equity funds in the world and has invested approximately $4 billion of equity capital in over 50 technology companies since its founding in 1999.
The acquisition completes a process under which Cybit de-listed from the London stock market and moves into private ownership.
Commenting on the acquisition, Deep Shah of Francisco Partners said: "Francisco Partners is excited about the opportunities in Cybit's core markets and is pleased to partner with the company to support its long-term growth strategy. We also believe that Cybit has a highly talented and committed team and we look forward to working with them to help the company achieve its full potential."
Richard Horsman, Chief Executive of Cybit Holdings Plc, commented: "We are pleased that the acquisition by Francisco Partners has been completed as we believe that his transaction will help us build on our success over the past decade and enable Cybit to be positioned at the forefront of the telematics market.
"The acquisition further enhances our ability to offer a world-class integrated solution as companies look for a low-risk partners to deliver an enhanced return on investment through the implementation of next generation telematics services."
About Francisco Partners
With nearly $5 billion of committed capital and offices in San Francisco and London, Francisco Partners is one of the world's largest technology-focused private equity funds. The firm was founded to pursue structured investments in technology companies undergoing strategic, technological, and operational change. Francisco Partners targets majority and minority investments in private companies, public companies, and divisions of public companies, with transaction values ranging from $30 million to $2.0 billion. The principals of Francisco Partners have a proven track record, having invested approximately $4 billion of equity capital in over 50 technology companies. For additional information, visit www.franciscopartners.com.
Cybit is a global force in Telematics, operating within three core sectors: Internet-based vehicle Telematics solutions; Economic Exclusive Zone (EEZ) Management; and Private Mobile Radio (PMR) based asset tracking and precise positioning solutions.
In the vehicle Telematics sector, Cybit is one of Europe’s leading Telematics Service Providers. More than 2,000 business-to-business clients use the company's fleet and asset management solutions to manage in excess of 50,000 assets primarily in the public sector, service industries and logistics and distribution markets. Solutions include in-vehicle technologies, workflow management, CanBus integration and internet-based monitoring and reporting software. The company also provides consulting services to advise on operational and legal issues such as duty of care and working hours.
Cybit is also a global leader in the field of EEZ fisheries management, tracking many thousands of fishing vessels on a daily basis. The company provides vessel monitoring and catch management solutions for many of the world’s major fishing nations. As well as EC governments including the UK, Ireland and Greece, Cybit helps to manage valuable fishing stocks for emerging nations such as Ghana, Namibia and Mozambique.
Cybit’s PMR business provides asset-tracking and precise positioning solutions for both maritime and land-based applications including mineral exploration and coastal security, Its precise positioning solutions are in constant use in the location and exploitation of oil, gas and mineral reserves around the globe.
Additional information is available at www.cybitholdings.com, www.cybit.co.uk, www.truck24.com, www.amatics.com, www.cybitpositioningsolutions.co.uk and www.bluefinger.com
Marketing Manager, Cybit
Tel: 01480 389100
IBA - PR for Cybit
Tel: 01780 721 433