As part of a partnership, Platform Science has agreed to acquire Trimble’s $TRMB global fleet telematics business units.  The deal, which was announced at Trimble’s 2024 Insight Tech Conference this week, combines Platform Science’s commercial vehicle technology with the Trimble Mobility business.

As part of the deal, which is expected to close in the first half of 2025, Trimble will acquire a 32.5 percent stake in Platform Science and will get a seat on Platform Science’s board of directors.

“We believe combining our global transportation telematics portfolio with Platform Science’s will further advance fleet mobility and provide our customers with a broader portfolio of solutions to solve industry problems,” said Rob Painter, president and CEO of Trimble, in a statement. “Increased collaboration between the new Platform Science business and Trimble’s remaining transportation businesses will enhance our ability to provide positive outcomes for our global customers of commercial mapping, transportation management, freight procurement and visibility solutions. This deal will result in significant synergies along with tremendous opportunities for employees to continue to grow in a more-competitive business.”

Trimble will retain the rest of its transportation technology business, which includes commercial truck routing, mapping and management software and other technology.

In the past decades, Trimble combined several pioneering fleet tracking and mapping companies that were acquired over the years.  This includes the 2011 acquisition of PeopleNet, TMW Systems in 2012, mapping and fleet management company ALK Technologies in 2013, 10-4 Systems in 2017 and Transporeon in 2023.  Transporeon will not be included in the acquisition.

Trimble’s global telematics business units generated $300 million of revenue and $30 million in operating profit.  Annualized recurring revenue for the businesses was approximately $200 million in the second quarter of 2024, the company said.