Bridgestone to acquire Azuga for $391 million

Introduction

 

Bridgestone Americas, a family of enterprises that includes more than 50 production facilities throughout the Americas declared that it has accepted an agreement with other shareholders for the former to acquire Azuga Holdings, Inc., which works as a platform -as-a-service company.

 

(Must Check: What is Platform as-a-service (PaaS)?)

 

This company provides a connected form of vehicle, fleet management and telematics software. This enables the customers to proceed with data about vehicle usage  and driver behaviour and convert them into intelligence. Bridgestone Americas has obtained it for  $391 million in cash and stock. 

 

Acquisition

 

This family of enterprises says that it’ll take ownership of all of Azuga’s assets and integrate the team. The company aims to increase its growth to 25 percent of all its global revenues by the year 2015. 

 

Even though certain aspects have to be compromised including mobility and transportation firms due to the pandemic, Bridgestone aims to grow to more than $10 million in the U.S. over the coming few years.

 

According to VentureBeat, Azuga says “insurance companies use its data to measure and price risk into their commercial vehicle portfolios.The companies…improve how transportation taxes, emissions data, and tolls are collected…to uncover traffic patterns and road surface conditions in support of infrastructure planning and upkeep.”

 

According to Global Market Insights, the way technology has been implemented in the field of telematics in order to improve efficiency as well as accuracy, the growth of the Fleet Industry has extended its hands to a great extent. 

 

The surprising element lies in how the demand of it kept its continuity even when the pandemic has touched the bar of superiority. 

 

As Sudip Saha remarked in Automotive World that the continual health crisis prevalent during this pandemic has proven to be a golden opportunity to exhibit the perks on the basis of fleet management systems’ efficiency.

 

 The marketing director for consulting firm Future Market Insights, Saha said:

 

“Tracking vehicles and driver behaviour allows businesses in the transport and logistics sectors to reduce waste and effectively mitigate risks through actionable intelligence” and added, “ The market growth for fleet management systems is underpinned by the ability of technological innovations to optimise operational and maintenance costs for consumers.”