Bridgestone Americas and Sumeru Equity Partners, Danlaw, Inc. and other shareholders have reached an agreement for Bridgestone to purchase Azuga Holdings, Inc. (Azuga) and the Azuga fleet management platform for $391 million. The company says the acquisition will accelerate Bridgestone’s efforts to develop and deploy sustainable mobility solutions as a central pillar of the company’s mobility strategy. The transaction has been approved by each company’s board of directors and is expected to close by the end of the third quarter.
Pending customary closing conditions and regulatory approvals, Bridgestone will assume ownership of Azuga’s brands and business platforms. The Azuga fleet management platform, which includes advanced safety and fleet management tools, will complement the existing Bridgestone portfolio of cloud-based fleet mobility solutions, Bridgestone says. The acquisition of Azuga will advance Bridgestone’s comprehensive solutions for small to enterprise-sized fleets, providing real-time vehicle operations insights and data analytics that will improve safety, increase efficiency and enhance the customer service experiences, according to Bridgestone. The company says it will leverage Azuga’s robust fleet data capture platform to advance the development of its core tire products and AI solutions.
Founded in 2012, Azuga is a technology company that has developed a sophisticated fleet management platform with GPS tracking, video telematics, driver behavior management and accident reduction solutions for insurers. These solutions create value for fleets and insurers through improved safety on the road, as well as reduced fuel consumption and wear and tear on vehicles. With more than 6,000 fleet business customers in North America, Azuga broadly supports organizations across industries including commercial fleets, insurance companies and government agencies. Azuga will maintain its headquarters in Silicon Valley, and its employees and facilities across the U.S. and India will join Bridgestone upon completion of the transaction.
According to the company, the acquisition of Azuga continues Bridgestone’s evolution toward becoming a sustainable solutions company, and builds upon Bridgestone’s recently announced investment in autonomous long-haul trucking company Kodiak Robotics.
PJT Partners is serving as financial advisor to Bridgestone, and Hogan Lovells is serving as legal counsel. Barclays is serving as financial advisor to Azuga, and Gibson Dunn is serving as legal counsel, the company says.