Platform Science has announced a strategic partnership with Trimble, involving the acquisition of Trimble’s global transportation telematics business units. Under this agreement, Trimble will become a shareholder in Platform Science’s expanded operations.
The transaction aims to enhance driver experience, fleet safety, efficiency, and compliance by merging two advanced in-cab commercial vehicle ecosystems. This will provide customers with access to a wider range of applications and services. Trimble’s telematics customers will continue benefiting from their current solutions while gaining access to Platform Science’s Virtual Vehicle platform and its extensive marketplace of applications and software. Similarly, Platform Science customers will have the option to utilize Trimble’s remaining transportation solutions through the Virtual Vehicle platform.
Trimble’s President and CEO, Rob Painter, noted that the merger would advance fleet mobility and offer a broader array of solutions to address industry challenges. He highlighted the expected synergies and growth opportunities for employees.
Platform Science’s CEO, Jack Kennedy, emphasized that this partnership represents a significant shift towards a platform-based approach in transportation technology. He anticipates an expansion in choices for developers and improved solutions to transportation inefficiencies globally.
Upon completion of the deal, Trimble will hold a 32.5% stake in Platform Science and will be granted a board seat. Trimble will join other strategic investors such as C.R. England, Cummins, Daimler Truck, PACCAR, Prologis, RyderVentures, and Schneider, alongside financial investors like 8VC, Activant Capital, BDT & MSD Partners, Softbank, and NewRoad Capital Partners.
Trimble’s telematics units, part of its Transportation & Logistics segment, reported approximately $300 million in revenue and $30 million in operating profit over the past year, with an annualized recurring revenue of $200 million as of Q2 2024. The divestiture is expected to positively impact Trimble’s revenue growth, gross margin, and operating profit.
Trimble’s other core transportation business units—Enterprise, Maps, Vusion, and Transporeon—will remain with Trimble and continue focusing on growth areas post-transaction.
The deal is projected to close in the first half of 2025, pending customary closing conditions and regulatory approvals.
For more information, visit investor.trimble.com/events-and-presentations.
Advisors for the transaction include Centerview Partners LLC and Goldman Sachs & Co. LLC for Trimble, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel. J.P. Morgan Securities LLC is the exclusive financial advisor to Platform Science, with Gibson, Dunn & Crutcher LLP, Fenwick & West LLP, and Fish & Richardson LLP as legal advisors.
