Following the buy-out of Masternaut Three X last week, another major telematics company is set to be bought out.

Cybit, which provides tracking services to 2,000 fleets, will be bought by Cyberspace Bidco in the New Year, subject to shareholder approval, for £22.8m ­- a 108% premium over the company¹s current share value.

The two buy-outs will be welcomed by fleet managers who have begun to loose confidence in telemetic providers.

The sector has been rocked by supplier failures, which have left fleets paying for hardware but receiving no telematics service as their providers went under.

The Cybit board has recommended the deal, while Bidco said it will invest in growing the company and in acquiring rival telematics companies.

Read more about the two deals in the December 17 issue of Fleet News.