Cybit Holdings, which provides telematics services and software to fleets, has been acquired by private equity company Francisco Partners, which specialises in buying technology firms.

Cybit was de-listed from the London stock market last year and, with the completion of the sale, now moves into private ownership.

Francisco Partners provides "transformational growth capital" to technology businesses.

Cybit has more than 2,000 business-to-business clients who use its technology to manage 50,000 assets - cars, vans and HGVs - primarily in the public sector, service industries and logistics and distribution markets.

"Francisco Partners is pleased to partner with the company to support its long-term growth strategy," said Deep Shah of Francisco Partners. 

Richard Horsman, chief executive of Cybit Holdings, said the acquisition will help "build on our success over the past decade and enable Cybit to be positioned at the forefront of the telematics market.

"The acquisition further enhances our ability to offer a world-class integrated solution as companies look for a low-risk partners to deliver an enhanced return on investment through the implementation of next generation telematics services."