Bridgestone buys Tomtom Telematics to create data platform
TomTom Telematics will accelerate Bridgestone on its transformation to becoming a mobility solutions leader, and the combination of both companies’ offerings will allow Bridgestone to cross-sell tires and solutions to a larger customer base. Furthermore, the data access will enhance Bridgestone’s virtual tire development and testing as well as connected tire innovation benefiting all customers including automotive OEMs.
The acquisition is to be seen against the backdrop of new social, economic and technological megatrends pushing the pace of change in the automotive industry and the future of vehicles is connected, autonomous, shared and electric, Bridgestone explained. In that context, Bridgestone has identified digital mobility solutions and fleet solutions as a strategic priority. This is reinforced by the growing importance of fleets over individually-owned vehicles for transportation of people and goods.
This latest investment builds on previous work at Bridgestone to strengthen its digital capabilities in EMEA. The company already has built capabilities in data collection from sensors, data platforms and analytics. This has resulted in the launch of a range of digital solutions and applications such as Tirematics, Mobox, and FleetPulse.
TomTom Telematics, a front-runner in a double-digit growth industry, fits Bridgestone strategically as it has a large installed user base of 860,000 vehicles of which more than two thirds are commercial. It has a tailored go-to-market system and a premium digital offering including WebFleet and NextFleet. Its underlying technologies based on data analytics rely on an open, scalable, secure and cloud-based platform that handles on average over 800 million GPS positions, 3.3 million trips, and 200 million inbound messages per day.
Its platform enables customers such as commercial fleets, leasing companies or corporate fleets to make their operations more efficient. It also enables partnerships such as with OEMs because of the improved driver experience.
Upon closing of the transcation, Bridgestone will acquire all issued and outstanding share capital of TomTom Telematics for a cash consideration of €910 million, Bridgestone said in a press release.
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