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 acquisition will accelerate Bridgestone’s efforts to develop sustainable mobility solutions as a pillar of the company’s advanced mobility strategy. Additionally, each company’s board of directors approved the transaction; they expects it 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. Azuga’s fleet management platform, which includes advanced safety and fleet management tools, will complement Bridgestone’s portfolio of fleet mobility solutions. Additionally, the acquisition of Azuga will rapidly advance Bridgestone’s comprehensive solutions for small to enterprise-sized fleets. Together, the systems will provide real-time vehicle insights and analytics that improve safety, increase efficiency, and enhance customer service experiences. Bridgestone will also leverage Azuga’s data capture platform to advance the development of Bridgestone core tire products and AI solutions.
“Azuga is revolutionizing the way that fleets do business in the US with class-leading software and a rapid innovation process that will further advance Bridgestone’s vision to be a sustainable solutions company,” says Paolo Ferrari, global chief solutions business officer, Bridgestone Corporation, and president and CEO, Bridgestone Americas. “We are working toward providing the most sustainable and intelligent solutions for safer and more efficient mobility, and Azuga will help us accelerate their development and deployment to our customers.”
WHO IS AZUGA?
Azuga, a technology company, was founded in 2012. Azuga developed a 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 safety on the road and reduced fuel consumption and vehicle wear. With more than 6,000 fleet customers in North America, Azuga supports commercial fleets, insurance companies, government agencies, and more. Azuga will maintain its headquarters in Silicon Valley. All Azuga employees and facilities across the US as well as India will join Bridgestone upon completion of the transaction.
Ananth Rani, Azuga CEO says Bridgestone’s focus on sustainability is well aligned with Azuga’s mission. He says that together the two companies will continue accelerating toward advanced mobility solutions for their customers.
“Since our initial investment in 2018, Azuga has scaled rapidly to become a leader in the fleet management and mobility solutions market,” says Mark Haller, principal at Sumeru Equity Partners. “It has been a privilege to partner with the Azuga team over the last three years, and we look forward to watching Bridgestone and Azuga thrive together in the future.”
Finally, 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.
Find out more, visit www.bridgestoneamericas.com.
