Waterloo-based FleetCarma, whose technology eases the adoption of electric vehicles, has been acquired by Geotab of Oakville, Ont., whose Internet of Things platform helps improve management of commercial fleets.
The acquisition, announced today, comes 11 years after Matt Stevens and Chris Mendes founded FleetCarma. The two met in 2004 as University of Waterloo graduate students who were working on a project to build a fuel-cell vehicle.
In recent years the company has focused on the burgeoning electric-vehicle (EV) market, producing devices that track vehicle power usage for fleet owners and gather data to help utility companies manage changing demands on the power grid.
FleetCarma has grown along with demand for EVs, and employed about 40 people as of a year ago.
The acquisition will help Geotab expand its presence in the EV fleet market “and offer our current and future customers a reliable telematics solution to help meet their changing business and fleet needs,” Geotab CEO Neil Cawse said in a news release.
FleetCarma CEO Stevens added, “Combining FleetCarma’s unique EV telematics capabilities with Geotab’s proven open-platform solution is exactly what our customers want and the industry needs. Together, as we continue to drive electric vehicle adoption, we will provide a complete solution that will not only benefit customers, but society as well.”
Financial details of the acquisition were not disclosed.