Recognizing the market’s demand for innovative and creative solutions in the fleet management space, Sumeru partnered with Azuga, a leader and business motivated to disrupt the telematics ecosystem. We met Azuga at an industry conference in the Fall of 2017, and quickly recognized the value that Azuga’s platform was bringing to a large, fragmented North American market through its productivity, safety and risk mitigation solutions for fleets and insurers of all sizes.
Azuga’s integrated software suite, efficient go-to-market structure and visionary founder were attractive elements that led Sumeru to carve-out Azuga from its corporate parent in March 2018 in a proprietary transaction. Azuga’s former owner rolled a significant portion of its stake into the transaction, aligning business and economic interests across the Company’s management, investors, and suppliers.
Sumeru’s investment and partnership drove several growth initiatives that supported scaling the business around Azuga’s Founder & CEO. We also built a multi-pronged GTM strategy to de-risk growth, increased marketing effectiveness, and transformed the sales force by applying Sumeru’s best practices, while an offshore sales rep model drove down customer acquisition costs.
Through thoughtful and committed product development, the Company’s flagship fleet management and driver behavior suite evolved into a platform for all field-based workforces, with solutions designed for video telematics, field service management, and insurance and data analytics.
These collective efforts served to widen Azuga’s addressable market, deliver greater solution value to customers, and position the business to execute on meaningful growth opportunities.
Over the 3.5-year hold period, Azuga’s recurring revenues more than tripled organically. Bridgestone Tire acquired Azuga for $391M in September 2021.