Bridges backs Matrix Telematics to support safer, more efficient driving
London/ Altrincham, 25th March 2021
Bridges Fund Management (“Bridges”), the specialist sustainable and impact investor, is delighted to announce a new partnership with Matrix Telematics (“Matrix”), a fleet telematics and software provider that helps to improve driver safety and reduce emissions, in a deal that values the business at over £60m.
Bridges is backing the existing management team led by CEO Mark Packman and Chairman Wayne Shillito, who together founded the company in 2001. The Cheshire-based business uses data captured from in-vehicle telematics devices to create intuitive, highly detailed reports of vehicle and driver performance, enabling fleet managers to identify both safety risks and opportunities to reduce fuel and ‘wear and tear’ costs. Its pioneering DRiiVE solution also offers ‘occupational road risk management’: real-time driver monitoring and proactive tailored interventions that help to improve driver behaviour. This helps to prevent accidents, which in turn reduces fleet insurance premiums.
In 2019, road traffic accidents accounted for 1,750 deaths and 125,000 serious injuries in the UK, and around a third of these incidents involved people driving for work. Most occupational drivers receive no specialist training throughout their career. By improving driver safety performance, the solutions offered by Matrix can help to reduce speeding, collisions, accidents and deaths. And by reducing fuel usage, they also drive lower fuel emissions across the fleet. This creates a compelling proposition for fleet managers, which is why the UK market for services like these is forecast to grow strongly, hitting £1bn p.a. by 2025.
Mark Packman, CEO at Matrix, said:
“We’re delighted to partner with Bridges. We were looking for an investor who not only shared our vision and ambition for the company’s growth, but also really understood our mission to improve driver safety and reduce accidents on our roads. Their experience of scaling companies like ours – plus their impact expertise in powering better outcomes – will be highly beneficial as we enter the next phase of our growth.”
Bridges, which is investing through its Sustainable Growth Funds, is backing Matrix in line with two of its four key impact themes: Healthier Lives and Sustainable Planet. The investment was led by partner Simon Braham, who recently joined the firm to establish a new base in Manchester dedicated to investments in the North. Daniel Knight, Kyle Bentwood and Laura Noorani also worked with Simon on the deal.
Simon Braham, Partner at Bridges, said:
“Matrix’s industry-leading telematics and software can play an important role in reducing traffic accidents and making our roads safer, while also supporting the push to reduce carbon emissions from transport. We’re excited to partner with Mark and his excellent team: we believe that with its highly scalable SaaS model, leading-edge technology and strong customer relationships, Matrix is very well placed to lead the growth of this market in the coming years.”
About Bridges Fund Management (www.bridgesfundmanagement.com/ @bridgesfundmgmt)
Bridges Fund Management is a specialist sustainable and impact investor. Since 2002, it has raised over £1.2bn to invest in solutions that support the transition to a more inclusive and sustainable economy, with a focus on four themes: Healthier Lives, Sustainable Planet, Future Skills, and Stronger Communities.
About the Bridges Sustainable Growth Funds:
The Bridges Sustainable Growth Funds invest in growth companies that are helping to create a more inclusive and sustainable future. By helping these businesses to achieve their potential, Bridges is able deliver attractive financial returns alongside measurable societal impact.
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James Taylor, Head of Communications