Bright Harbour Advisory has advised Shell plc on its sale of MachineMax Ltd to Vesta Software Group (‘Vesta’). Financial terms of the transaction have not been disclosed.
MachineMax is a digital equipment management platform for off-highway fleets enabling equipment operators to manage their heavy equipment more efficiently. The solution combines IoT sensors, machine learning algorithms and a cloud-based platform to provide real-time insights into machine utilisation, maintenance and performance. MachineMax is trusted by global mining and construction companies to reduce downtime, optimise fuel consumption and minimise the risk of breakdowns. It has circa 100 customers in over 30 countries.
MachineMax was founded in 2018 with support from Shell plc and BCG Digital Ventures, with Shell becoming the sole shareholder in 2021. Shell has funded the development of MachineMax’s unique software platform to date however it is non-core to Shell’s wider operations. The sale to Vesta allows MachineMax to continue its growth journey, retaining Shell as a client and reseller.
Vesta Software Group operates over 35 independently managed software brands around the world, providing them with the strategic guidance and financial security required to be leaders in their respective markets. Today, Vesta supplies industry leading enterprise management software and related services to more than 50,000 customers worldwide across a range of industry verticals. Vesta is wholly owned by Constellation Software through the Jonas Software operating group.
Shweta Saxena, CEO – MachineMax, said: “Having started MachineMax in 2018, it is great to have grown to be a global company with 100 customers worldwide. I am thankful to Shell for their support in backing us in this journey. Vesta is the ideal home for its further continued growth. My thanks to Eleanor and Bright Harbour Advisory for making the deal happen.”
Martin Lloyd, Venture Lead Digital Services – Shell, said: “I truly appreciated the excellent collaborative support provided by Eleanor and her team, their efforts to deliver the successful outcome went far beyond my expectations.”
Eleanor Wilkinson, Partner, who led the Bright Harbour Advisory team, commented: “It was great to work with Shell, Shweta and the rest of the MachineMax team. They have built an impressive business and I’m confident that under Vesta’s ownership it will continue to go from strength to strength.”
For more information or to discuss how we may be able to help you, please contact Eleanor Wilkinson.