French firm Hub Telecom, which bought Masternaut in 2009, is to sell the firm to US private equity firm Francisco Partners, which acquired Cybit in the same year.

Under the deal, the new business will retain the Masternaut name and will have over 500 employees supporting a 10,000-strong customer base across 32 countries. The firm will be led by Bill Henry – the former CEO of Cybit, who assumes the role of Masternaut Group CEO – and will become the largest "pure play" telematics supplier in Europe.

'The telematics market is undergoing rapid consolidation. With pan-European operations and the largest development team in the industry, Masternaut offers a clear choice for customers who want industry-leading products delivered by a strategic, long-term partner,' said Mr Henry. 'By combining Cybit and Masternaut, we can innovate faster, increase our geographic reach, raise industry standards, and bring customers compelling opportunities for improved business performance.'

The firm added that it will deliver modular telematics applications that deliver step-changes for improving business performance, whilst enabling customers to save up to 20% on their fleet operating costs.

'Cybit and Masternaut have enjoyed great success as independent companies and joining forces will introduce a new level of service excellence in the telematics industry,' said Deep Shah, partner, Francisco Partners. 'Global fleets want to manage their mobile workforces more effectively; we believe the new Masternaut fulfils an important role by providing the strategic direction that will embed telematics into a greater number of performance-driven businesses.'