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A fund manager which has raised more than £1.bn since 2002 has invested in a Greater Manchester-based fleet telematics and software provider in a deal which values it at over £60m.

Bridges Fund Management has partnered with Matrix Telematics which helps to improve driver safety, prevent accidents and reduce emissions.

The move is the first transaction that Bridges has completed in the North since it established a permanent presence in the region in December 2020.

Bridges is backing the existing management team led by chief executive Mark Packman, who founded Matrix in 2001 alongside Wayne Shillito.

The Altrincham-based business uses data captured from in-vehicle telematics devices to create reports of vehicle and driver performance, enabling fleet managers to identify both safety risks and opportunities to reduce fuel and wear and tear costs.

Me 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."

Matrix Telematics works with the likes of Timpson, Johnsons: The Cleaners and Dulux.