Matrix in £60m partnership with Bridges Fund Management

Telematics and software provider Matrix Telematics has inked a £60m partnership deal with sustainable investments firm Bridges Fund Management.

The deal sees the existing management team remain under the leadership of chief executive Mark Packman, who founded Matrix in 2001 with Wayne Shillito.

The Cheshire-based business uses data captured from in-vehicle telematics devices to create detailed reports of vehicle and driver performance which enable fleet managers to identify safety risks and opportunities to reduce fuel and cut wear and tear costs.

The firm’s DRiiVE solution also offers ‘occupational road risk management’: real-time driver monitoring and proactive tailored interventions that help to improve driver behaviour.

Packman 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 is investing in Matrix through its Sustainable Growth Funds which aims to fund growth companies that are helping to create a more inclusive and sustainable future.

By backing these businesses, Bridges said its aim is to deliver “attractive financial returns alongside measurable societal impact”.

Simon Braham (pictured), partner at Bridges, added: “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: 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. It’s also a perfect example of the kind of exciting mission-driven businesses we’re looking to partner with in the North-West – and the North of England more broadly – in the coming years.”