San Francisco-based private equity firm Thoma Bravo announced Wednesday it has acquired Waterford-based employee mobility solutions company Runzheimer International Ltd.
Thoma Bravo acquired Runzheimer’s employee mileage reimbursement software platform. At the same time, it acquired the vehicle management platform from Boston-based Motus LLC. The private equity firm is combining those services.
The combined company has about 2,000 customers – among them Bosch, Coca-Cola Bottling Co. Consolidated, Kellog’s and Papa Johns – and 22,000 end users. According to Thoma Bravo, it will be better prepared to meet the demands of the addressable fleet market and offer companies options aside from “company car” or limited vehicle reimbursement arrangements.
“This is an exciting day for the fleet market,” said Rex Runzheimer, chairman of Runzheimer. “Customers will get the best of both worlds – Runzheimer’s more than 80 years of expertise and market leading service delivery and Motus’ technology-first approach.”
Craig Powell, chief executive officer of Motus, has been appointed CEO of the combined firm. It is unclear whether Runzheimer leadership will remain on board. The name of the new firm was not provided in a Thoma Bravo news release.
“As employee mobility continues to rise, the need for solutions that are tailored to address the unique challenges that drivers and their employers face has emerged,” Powell said. “Forward-thinking customers want more than just a mileage reimbursement solution – they want access to a broad array of solutions and data analytics that enhance overall fleet productivity. Bringing Motus and Runzheimer under one roof creates the opportunity to better meet this demand by providing the advanced tools businesses need to better run their fleets.”
The combined firm plans to increase its investments in technology to provide the most accurate data available and best-in-class data security and privacy protections.
“It’s a rare moment in our business when we have an opportunity to simultaneously combine two world-class companies like Motus and Runzheimer,” said A.J. Rohde, a partner at Thoma Bravo. “Combined scale will enable us to invest in new applications, both organically and inorganically. Couple this with Thoma Bravo’s operational processes and integration expertise, and we believe this will be a huge win for current and future customers alike. Working with our new CEO Craig Powell and an A+ executive team will help us deliver on that premise from day one.”
Leadership at Thoma Bravo and Runzheimer could not be reached for additional information about the integration of the firms.
