Tire manufacturer Continental acquired a majority stake in Zonar, a US-based fleet management technology producer backed by carmaker Daimler, yesterday for an undisclosed amount.
Continental has picked up an 81% stake in Zonar, according to Automotive News, and while the company’s founders have sold up, Daimler subsidiary Daimler Trucks North America will retain a 19% share following an investment in July 2015 subsequently reported to be sized at $50m.
Founded in 2001, Zonar provides telematics software for commercial trucking, vocational and passenger fleets, helping them improve efficiency and safety. Its technology is used in the Virtual Technician system installed on some 200,000 Daimler trucks in North America.
Although best known for its tires, Germany-headquartered Continental also produces automotive parts and maintains an Interior division focusing on information management, control systems, software and in-vehicle displays.
Zonar’s product will be integrated into the firm’s fleet management services and used to improve its diagnostics capabilities.
Helmut Matschi, president of Continental’s Interior division, said: “With this move, we are further expanding our portfolio and expertise in the arena of mobility services, and fostering our regional balance by investing into a fleet management provider in the US that gives us access to a broad customer base and existing sales channels.
Martin Daum, president and CEO of Daimler Trucks North America, added: “Continental’s investment in Zonar presents a great opportunity to bring the best in both hardware and software solutions to the industry.
“Daimler Trucks North America will continue its partnership with Zonar building upon the success we have enjoyed over the last five years and Zonar will continue to be an integral part of our connectivity solutions.”