With the global fleet management market experiencing unprecedented growth, US tech stalwart Rand McNally has acquired Perth-based startup Fleetsu for an undisclosed amount to create an integrated international business focused on bringing innovative solutions to vehicle fleets.
Founded in 2015 by Jakub Felinski, Fleetsu’s enterprise platform transforms traditional fleet management by enabling operators to make faster and better-informed decisions based on access to real-time, on-the-road data.
The software platform, designed to collect, analyse, and monetise critical fleet data, has helped the disruptor secure contracts with several major truck and automotive OEMs (original equipment manufacturers), including Avis, Budget, Cummins and the Victorian Police. In 2021, Toyota Australia selected Fleetsu as the platform to launch its Toyota Halo connected fleet management solution.
"Fleetsu has quickly built a reputation grounded in being hyper-focused on meeting the needs of our customers, no matter how complex," Fleetsu's founder Jakub Felinski said.
"With Rand McNally's strong navigation and transportation expertise and our already deep bench of leading engineers focused on creating technology data solutions, we are confident that we will be moving the industry forward," he added.
"We look forward to expanding our combined global business that writes a new chapter for connected transportation, led by technology."
After winning the 2016 Motorola Solutions Public Safety Hackathon, Fleetsu raised $1.2 million from angel investors, including from prominent WA businessman Graham Griffiths - a non-executive chairman at the startup since it was founded.
Under the terms of the agreement, Fleetsu will join the Rand McNally brand, with the companies’ technologies being integrated to support new and existing customers.
The financial terms of the agreement have not been disclosed, but as part of the agreement Felinski will take up the role of chief innovation officer at Rand McNally.
Chicago-based Rand McNally, founded in 1856, was acquired by Teleo Capital in 2020, with the US equity firm committing to investing and growing Rand McNally’s commercial and industrial transportation technology market proposition.
"Rand McNally is committed to delivering innovative products and services that improve fleet and driver efficiency, safety, and security," Rand McNally CEO Aaron Dannenbring said.
"Fleetsu takes our existing expertise to the next level as we now offer the industry's best-connected fleet platform complementing our already robust hardware, navigation, logistics, and publishing businesses.
“The combination of Rand McNally and Fleetsu creates a world-class connected vehicle powerhouse."
The acquisition enhances Idaho-based Teleo Capital's position in the fleet management market, forecast by Allied Market Research to double in size by 2030, reaching US$52.5 billion in value.
"The acquisition of Fleetsu is an exciting step in Rand McNally's transformation of its fleet and navigation product offerings," Teleo Capital’s operating partner and Rand McNally chairman Joseph Roark said.
"Fleetsu's cutting edge platform, analytics and data capabilities will allow Rand McNally to offer a connected vehicle solution across the full fleet supply chain.
“The acquisition further expands Rand McNally's footprint as a global provider to long-haul and local fleets, field service companies, government, auto and truck OEMs (both fuel and EV platforms) and vehicle rental fleets."
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