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Telematics company Trakm8 has bought fleet routing software company Route Monkey - which can route vehicles to multiple destinations in the most efficient way - for £9.1m.
According to Trakm8, the acquisition will expand its offerings to insurance and fleet customers.
The company added that it plans to integrate Route Monkey's mapping algorithms and software into its telematics and dashcams to provide a greater level of service.
Route Monkey said its software generates savings and efficiencies for organisations through devising the quickest, most efficient routes. Customers include Shell, BMW, Yodel and Iceland.
Route Monkey was founded in 2009, and will continue to be based in Livingston, Scotland, whilst retaining its small offices in Gateshead and Amsterdam. It currently has 23 employees.
John Watkins, executive chairman of Trakm8, said: "The acquisition of Route Monkey is highly complementary to Trakm8 as it adds route planning and optimisation capability to our existing technology, a key to enabling us to offer integrated solutions to customers in line with the development of market requirements."
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