Trimble (NASDAQ: TRMB) and Platform Science have announced a strategic partnership, with Platform Science set to acquire Trimble’s global transportation telematics business units. As part of the agreement, Trimble will gain a stake in Platform Science’s expanded business, becoming a key shareholder.
“This partnership represents a pivotal moment for transportation technology,” said Jack Kennedy, co-founder and CEO of Platform Science. “By leveraging OEM-native software services, we will provide customers with unmatched choice and innovation.”
The acquisition aims to enhance driver experience, fleet safety, efficiency, and compliance by merging two advanced in-cab commercial vehicle ecosystems. Trimble’s global transportation telematics customers will continue to benefit from Trimble’s solutions, with added access to Platform Science’s Virtual Vehicle platform, which includes a marketplace of hundreds of new applications and providers. Platform Science customers will also gain access to Trimble’s remaining portfolio of transportation solutions.
“We believe this combination of telematics portfolios will advance fleet mobility and provide customers with a wider range of solutions,” said Rob Painter, Trimble’s president and CEO. “The collaboration will result in synergies and new growth opportunities for our employees and customers alike.”
Transaction Details
After the acquisition, Trimble will hold a 32.5% stake in the newly expanded Platform Science business and a seat on its board of directors. Other key investors in Platform Science include C.R. England, Cummins, Daimler Truck, PACCAR, and financial investors such as 8VC, Activant Capital, and Softbank.
Trimble’s global telematics business generated around $300 million in revenue over the past 12 months, with $200 million in annual recurring revenue. The divestiture is expected to positively impact Trimble’s revenue growth and margins, but Trimble’s remaining transportation business units — Enterprise, Maps, Vusion, and Transporeon — are not part of the deal and will remain under the company’s Transportation & Logistics segment.
The acquisition is expected to close in the first half of 2025, subject to regulatory approval. Advisors on the deal include Centerview Partners, Goldman Sachs, and J.P. Morgan.