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Francisco Partners Sells Masternaut to Newly Formed Joint Venture between Summit Partners and FleetCor Technologies

Francisco Partners, a technology-focused private equity firm, today announced the sale of Masternaut Group Holdings, Europe’s largest provider of telematics solutions to commercial fleets, to a newly formed joint venture between Summit Partners and FleetCor Technologies (NYSE: FLT).

“We have thoroughly enjoyed the opportunity to work with Martin Hiscox and the team at Masternaut to reposition the company during a time of significant transition within the telematics industry,” said Deep Shah, a partner with Francisco Partners in its London office. “The team has created a position of true leadership in the market and it is well-positioned for future success.” Matt Spetzler of Francisco Partners added, “This leadership position has been enhanced through a heavy investment in developing a suite of market-leading best-in-class products that has set Masternaut apart from its competitors.”

Europe’s largest provider of telematics solutions, Masternaut was the combination of two separate companies, Cybit and Masternaut, which Francisco Partners acquired in 2010 and 2011 respectively. The company provides a SaaS-based Mobile Resource Management (MRM) application suite to help businesses of all sizes improve operating efficiencies, such as lowering vehicle fuel consumption, more effectively tracking assets, increasing workforce productivity and reducing vehicle wear and tear.

Masternaut CEO Martin Hiscox commented on the news, “Francisco Partners has been a highly supportive owner of Masternaut and a true partner to the management team. We appreciate all that has been accomplished and look forward to working with the team at Summit Partners and FleetCor.”

Arma Partners acted as financial advisors to Masternaut in connection with the transaction. Kirkland & Ellis acted as legal advisers to the selling shareholders and O’Melveny & Myers represented the management team.

About Francisco Partners

Francisco Partners is a global private equity firm that specializes in investments in technology companies. Since its launch over a decade ago, FP has raised approximately $7 billion and invested in more than 100 technology companies, making it one of the most active investors in the industry. The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm's deep sub-sector knowledge and operational expertise can help a company realize its full potential. For further information, please visit: www.franciscopartners.com.

About Masternaut

Masternaut is Europe’s largest provider of telematics solutions. Founded in 1996, the company now employs over 600 telematics specialists and has more than 10,000 customers. Its suite modules range from driver performance management, fleet and consumer insurance, traditional vehicle tracking and specialist services for the transport and logistics industry, including remote digital tachograph download and temperature monitoring. Learn more at www.masternaut.com.

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