M&A Deal Summary

Summit Partners and Corpay Acquire Masternaut

On June 5, 2014, growth capital firm Summit Partners and Corpay acquired information technology company Masternaut

Acquisition Highlights
  • This is Summit Partners’ 23rd and Corpay’s 6th transaction in the Information Technology sector.
  • This is Summit Partners’ 3rd and Corpay’s 3rd transaction in the United Kingdom.
Investment Fate
  • Masternaut was sold to a publicly-traded strategic buyer in 2019.

M&A Deal Summary

Date 2014-06-05
Target Masternaut
Sector Information Technology
Buyer(s) Summit Partners
Corpay
Deal Type Joint Venture

Target

Masternaut

London, United Kingdom
Masternaut Ltd. is a fleet telematics service provider. Masternaut provides solutions for fleet tracking and optimization, driver behaviour improvement and digital transformation. Masternaut Ltd. was founded in 2014 and is based in London, United Kingdom.

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Buyer(S) 2

Buyer

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 270 of 392
Sector: Information Technology M&A 23 of 40
Type: Joint Venture M&A Deals 1 of 1
Country: United Kingdom M&A 3 of 12
Year: 2014 M&A 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-02 MDVIP

Boca Raton, Florida, United States

MDVIP is a personalized healthcare program that empowers people to reach their health and wellness goals through in-depth knowledge, expertise, and one-on-one coaching with an affiliated primary care doctor. The company's model was created with the hope and vision of bringing more life to more lives both young and old by putting impersonal healthcare practices and tactics aside and embracing a new way of healing. MDVIP was founded in 2000 and is based in Boca Raton, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-27 CRG Operating Co.

Austin, Texas, United States

MedSpring’s 14 urgent care centers provide convenient, consistent, high-quality primary care and customer service every day.

Sell -
Buyer

Corpay

Atlanta, Georgia, United States

Category Company
Founded 1986
Sector Business Services
Employees11,200
Revenue 4.0B USD (2024)
DESCRIPTION
Entrance to FleetCor's corporate headquarters in Norcross, Georgia.
Entrance to FleetCor's corporate headquarters in Norcross, Georgia.

Corpay is a global provider of fuel cards, commercial payment and data solutions, stored value solutions, and workforce payment products and services to businesses, retailers, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand. Corpay was formed in 1986 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 15 of 39
Sector: Information Technology M&A 6 of 11
Type: Joint Venture M&A Deals 1 of 1
Country: United Kingdom M&A 3 of 7
Year: 2014 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-01 Royal Dutch - SME Fuel Card Customer Portfolio

Germany

Royal Dutch - SME Fuel Card Customer Portfolio comprises SME fuel card customer portfolio in order to provide more focused services to this segment of customers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-30 Pacific Pride Services

Salem, Oregon, United States

Pacific Pride Services LLC is a cardlock fueling network. The company providing fleet managers some welcome relief from rising fuel costs and more control over their vehicle use and maintenance. A Pacific Pride card can be used at any Pacific Pride and PrideNet site across the U.S. and Canada.

Buy $50M