Munich-based Wellington Partners has acquired a stake in Truck24, a telematics services provider and subsidiary of Hft Wessel, the Hanover-based IT systems provider. Wellington Partners has invested EURO2.5 million in the form of a share capital increase, which will be used to extend the range of services provided by Truck24 and to intensify internationalisation of the company’s business activities.
Set up in 1999, Truck24 develops and markets an e-logistics platform for trucking companies with which truck drivers and freight planners can exchange data by wireless transmission.
Truck24 has installed a base of around 1,000 deals for its Truck Pads. These Truck Pads manage wireless communication between the truck on the road and the trucking company offices, enabling freight managers, for example, to determine the precise location of their various vehicles and to contact their drivers directly. Communication using the Truck Pads is much less costly than conventional communication using mobile phones. Another feature is an Internet portal specially tailored to the needs of drivers, freight managers and customers of trucking companies. Jrg uberla, partner at Wellington Partners, is convinced that in a few years most logistics providers will deploy solutions like this.
To date, the company has focused its marketing operations on Germany, Austria and the Czech Republic. Following the increase in share capital by Wellington Partners, the company hopes to roll-out into Poland and the Netherlands.
“We see Truck24 as having the potential to become a leading provider in Europe for intelligent vehicle pool management solutions,” said uberla.
Legal advisers acting for Wellington were Linklaters Oppenhoff Rdler. Financial advisers were GlobalStartup.