Clearwater International advises on investment in telematics group

Birmingham’s Clearwater International has advised Bridges Fund Management on its investment into Matrix Telematics in a deal which values the business at more than £60m.

Founded in 2001 by owners Wayne Shillito and Mark Packman, Matrix is a fleet telematics and software provider that helps to improve driver safety, prevent accidents and reduce emissions.

The investment by Bridges will enable the Altrincham-based to organically scale at pace and accelerate its vision for the future by further investing in its offering.

The Clearwater International team comprised partner David Weavers, associate directors Shahbaz Qasim and Kirsten Handley and associate Andrew Royle.

Simon Braham, partner, Bridges Fund Management, said: “Matrix’s industry-leading telematics and software can play an important role in reducing traffic accidents and making our roads safer, while also supporting the push to reduce carbon emissions from transport. We’re excited to partner with Mark and his excellent team: with its highly scalable SaaS model, leading-edge technology and strong customer relationships, Matrix is very well placed to lead the growth of this market in the coming years. It’s also a perfect example of the kind of exciting mission-driven businesses we’re looking to partner with in the North-West – and the North of England more broadly – in the coming years.”

Mark Packman, CEO, Matrix Telematics, said: “We’re delighted to partner with Bridges. We were looking for an investor who not only shared our vision and ambition for the company’s growth, but also really understood our mission to improve driver safety and reduce accidents on our roads. Their experience of scaling companies like ours – plus their impact expertise in powering better outcomes – will be highly beneficial as we enter the next phase of our growth.”

David Weavers, partner, Clearwater International, said: “It was a pleasure to advise Bridges on this transaction. Matrix will greatly benefit from the expertise of the Bridges team, enabling it to grow as a specialist in its field. We are certain both businesses are a great fit for one another and look forward to following Matrix’s continued success in the future.”