Masternaut joins forces with Cybit in deal

YORKSHIRE vehicle tracking firm Masternaut is joining forces with a UK competitor in a deal reportedly valued at up to £100m.

The deal, between Leeds-based Masternaut and Cybit, has been backed by a US private equity firm.

Masternaut is to keep its brand after the deal, which has created a business with global customers and 500 staff.

Masternaut, which was founded by Martin Port nine years ago, will see its Leeds office become an operational centre to support the group’s hosting, services and software in the UK and Europe.

Cybit is based in Huntingdon. The new group will be led by Cybit’s chief executive, Bill Henry and will most likely be headquartered in London.

It is undertsood that following the deal, which follows Masternaut UK’s sale to Aeroports De Paris in 2009, Mr Port has an earn-out clause triggered by the transaction.

Specialist technology investor Francisco Partners, the owner of Cybit, has backed the deal.