Clearwater International advises Bridges Fund Management on its acquisition of Matrix Telematics


Clearwater International has advised Bridges Fund Management (Bridges), a fund manager that specialises in sustainable and impact investing, on its investment into Matrix Telematics (Matrix). The investment values the business at over £60m.

Founded in 2001 by owners Wayne Shillito and Mark Packman, Matrix delivers innovative telematics and SaaS solutions to fleet operators across the UK and overseas, and processes data intelligently for almost 100,000 vehicles.

The business, which boasts an impressive portfolio of clients across a broad range of sectors, has grown to include a knowledgeable technical team and expanded its product range to include features which reduce the environmental impact and enhance the safety of fleets, such as fuel efficiency and optimisation services, crash detection monitoring and driver risk scoring, and compliance analysis.

The investment by Bridges will enable Matrix to organically scale at pace and accelerate its strategic vision for the future by further investing in its offering.

The Clearwater International team comprised of Partner David Weavers, Associate Directors Shahbaz Qasim and Kirsten Handley and Associate Andrew Royle.

Simon Braham, Partner, Bridges Fund Management, 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: 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.”

Mark Packman, CEO, Matrix Telematics, 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.”

David Weavers, Partner, Clearwater International said: “It was a pleasure to advise Bridges on this transaction. Matrix will greatly benefit from the expertise of the Bridges team, enabling it to grow as a specialist in its field. We are certain both businesses are a great fit for one another and look forward to following Matrix’s continued success in the future.”