Route Monkey sold to Trakm8 for £9.1m

Route Monkey sold to Trakm8 for £9.1m

Fleet routing specialist Route Monkey has been acquired by telematics provider Trakm8, expanding its offering to both insurance and fleet customers.

It is Trakm8’s second acquisition of 2015.

Route Monkey will add new, complementary technology capability to Trakm8 in the field of fleet route planning - including a strong capability for electric vehicles.

Trakm8 will integrate Route Monkey's algorithms and related software into Trakm8's telematics and camera solutions to provide an enhanced service offering.

John Watkins, executive chairman of Trakm8 commented: "The acquisition of Route Monkey is highly complementary to Trakm8 as it adds route planning and optimisation capability to our existing technology, a key to enabling us to offer integrated solutions to customers in line with the development of market requirements.

"We look forward to welcoming the Route Monkey team into the growing Trakm8 group and expect the business will add another source of organic sales growth and recurring revenues.

"Together the acquisitions of Route Monkey and DCS (completed in June 2015) significantly enhance Trakm8's competitive advantage, add substantial growth opportunities, and are expected to be earnings enhancing."

In the year ended 31 December 2014, Route Monkey recorded revenues of £1.7m and profit before tax of £0.7m. Net debt was £0.5m at the year end, with net assets of £1.2m.