Accelerating the Future of Transportation
Technology through the Global Expansion of Virtual Vehicle
Trimble and Platform Science Will Strengthen
and Expand Their Ongoing Commercial Relationship as Part of This
Agreement
WESTMINSTER, Colo. and SAN DIEGO, Feb. 10,
2025 /PRNewswire/ -- Trimble (Nasdaq: TRMB) and
Platform Science announced the completion of Platform Science's
acquisition of Trimble's global transportation telematics business
units. The deal was first announced in September 2024 during the Trimble Insight Tech
Conference in Las Vegas.
As part of the transaction, Trimble becomes a shareholder in
Platform Science's expanded business and receives a seat on
Platform Science's board of directors. Trimble is joining C.R.
England, Cummins, Daimler Truck,
PACCAR, Prologis, RyderVentures and Schneider as a strategic
investor in Platform Science. The collaboration accelerates the
future of transportation technology through the global expansion of
Virtual Vehicle, Platform Science's open, connected vehicle
application platform developed in collaboration with leading
OEMs.
Customers around the globe will soon be able to choose
application solutions from Platform Science, Trimble, and numerous
partners in a growing catalog without changing hardware through
Virtual Vehicle's expansion. Virtual Vehicle offers fleets access
to a wide range of telematics, driver and fleet management software
through OEM vehicle architecture or aftermarket hardware for
non-compatible vehicles, creating a uniform experience for users
and developers and ensuring ease-of-use regardless of vehicle or
hardware type.
"Together with Trimble, we are dedicated to transforming the
global transportation industry. This transaction marks a milestone
in how we deliver unprecedented choice to fleets of all sizes,"
said Jack Kennedy, co-founder and
CEO of Platform Science. "Innovation drives everything we do. We
are empowering the collective minds of developers to easily attack
the massive inefficiencies that have plagued transportation across
a critical mass of vehicles globally."
"As we move forward combining Trimble's global telematics
business units with Platform Science, our commitment to serving our
customers has never been stronger," said Rob Painter, president and CEO of Trimble. "This
transaction creates opportunities for Trimble to further connect
people, data, workflows and ecosystems across the global
transportation lifecycle — from planning and procurement to
execution and delivery."
The transaction is expected to further strengthen and accelerate
Trimble's Connect and Scale strategy, providing additional focus on
priority growth areas for Trimble — including the Enterprise, Maps,
Vusion and Transporeon business units, which are not included in
the transaction and will remain part of Trimble's Transportation
& Logistics segment.
Advisors
J.P. Morgan Securities LLC acted as exclusive financial advisor
to Platform Science and Gibson, Dunn & Crutcher LLP, Fish &
Richardson LLP, Fenwick & West LLP acted as legal advisors to
Platform Science.
Centerview Partners LLC and Goldman, Sachs & Co. LLC acted
as financial advisors to Trimble, and Skadden, Arps, Slate, Meagher
& Flom LLP served as legal counsel to Trimble.
About Platform Science
Platform Science is transforming transportation technology by
empowering enterprise fleets with a unified, user-friendly
technology platform. Platform Science makes it easy to develop,
deploy, and manage mobile devices and applications on commercial
vehicles, giving fleets an edge in efficiency, flexibility,
visibility, and productivity. The customizable platform delivers an
unlimited canvas to fleets and developers seeking to innovate and
create new solutions as customers' needs, businesses, and
industries evolve. Platform Science was named by Fast Company as
one of the World's Most Innovative Companies and has twice been
ranked #2 in the FreightTech 25 Awards by industry news leader
FreightWaves. For more information, please visit
www.platformscience.com.
About Trimble
Trimble is transforming the ways people move, build and live.
Core technologies in positioning, modeling and data analytics
connect the digital and physical worlds to improve our customers'
productivity, quality, safety, transparency and sustainability. For
more information about Trimble (Nasdaq: TRMB), visit:
www.trimble.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, which are made pursuant to the safe harbor provisions of
the Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the transaction, the value and
benefits to Trimble of its equity stake in Platform Science and the
commercial agreements entered into in connection therewith, and the
development of technology, delivery of services and the business
performance of each of Trimble and Platform Science following the
transaction. These forward-looking statements are subject to
change, and actual results may materially differ from those set
forth in this news release due to certain risks and uncertainties.
Factors that could cause or contribute to changes in such
forward-looking statements include, but are not limited to
(i) the inability to recognize the benefits from the
anticipated commercial agreements entered into with Platform
Science following the closing of the transaction, (ii) commercial
developments by competitors, and (iii) the failure to realize the
anticipated benefits of Trimble's equity stake in Platform Science.
The foregoing review of important factors should not be construed
as exhaustive and should be read in conjunction with the other
cautionary statements set forth in reports filed with the SEC,
including Trimble's current reports on Form 8-K, quarterly reports
on Form 10-Q and its annual report on Form 10-K, such as statements
regarding changes in economic conditions and the impact of
competition. Undue reliance should not be placed on any
forward-looking statement contained herein. These statements
reflect Trimble's position as of the date of this news release.
Trimble expressly disclaims any undertaking to release publicly any
updates or revisions to any statements to reflect any change in
Trimble's expectations or any change of events, conditions, or
circumstances on which any such statement is based.
FTRMB
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SOURCE Trimble
