PeopleNet Communications Corp., an onboard computing and carrier fleet communications provider based in Minnetonka, has been acquired by Sunnyvale, Calif. -based Trimble Navigation Ltd.
PeopleNet was founded in 1994 and is a portfolio company of Norwest Equity Partners. PeopleNet was the first major technology provider to offer Internet-based and integrated onboard computing and mobile communications to the transportation industry. PeopleNet's clients include 1,500 truckload, LTL (less than truckload) , private and regional fleets. PeopleNet has approximately 240 employees.
Ron Konezny, PeopleNet CEO, and his management team will continue to lead the PeopleNet business as part of Trimble's Mobile Solutions segment.
Trimble Navigation, a public company based in Sunnyvale Calif. (ticker symbol TRMB), provides advanced positioning product solutions, to commercial and government users. This is the eighth acquisition announced by Trimble Navigation in 2011, the deal closed on Aug. 5. Terms of the transaction, first announced in July, were not disclosed.
Norwest Equity Partners, a middle-market investment firm based in Minneapolis, first invested in PeopleNet in 2000. The transaction marks Norwest's exit from its investment in PeopleNet.
Lazard Middle Market served as financial adviser on this transaction.
PATRICK KENNEDY • 612/673-7926