Bridgestone Americas (Bridgestone) and Sumeru Equity Partners, Danlaw, Inc. and other shareholders have reached an agreement for Bridgestone to purchase Azuga Holdings, Inc. (Azuga) and the Azuga fleet management platform for $391 million. The transaction has been approved by each company’s board of directors and is expected to close by the end of the third quarter.
Pending customary closing conditions and regulatory approvals, Bridgestone will assume ownership of Azuga’s brands and business platforms. The Azuga fleet management platform, which includes advanced safety and fleet management tools, will complement the existing Bridgestone portfolio of cloud-based fleet mobility solutions.
“Azuga is revolutionizing the way that fleets do business in the U.S. with class-leading software and a rapid innovation process that will further advance Bridgestone’s vision to be a sustainable solutions company,” said Paolo Ferrari, Global Chief Solutions Business Officer, Bridgestone Corporation, and President and CEO, Bridgestone Americas. “We are working toward providing the most sustainable and intelligent solutions for safer and more efficient mobility, and Azuga will help us accelerate their development and deployment to our customers.”
“Bridgestone’s focus on building a more sustainable future through mobility technologies is well aligned with the mission of Azuga,” said Ananth Rani, CEO of Azuga Holdings, Inc. “Together, our teams will continue the momentum we’ve already created, and accelerate our path toward providing the most advanced mobility solutions for our customers and society.”
“Since our initial investment in 2018, Azuga has scaled rapidly to become a leader in the fleet management and mobility solutions market,” said Mark Haller, principal at Sumeru Equity Partners. “It has been a privilege to partner with the Azuga team over the last three years, and we look forward to watching Bridgestone and Azuga thrive together in the future.”
