The agreement has been approved by shareholders but requires approval of the U.S. Federal Trade Commission and Department of Justice. The companies said in a statement they will jointly offer advanced fleet telematics offerings.
“With this move, we are further expanding our portfolio and expertise in the arena of mobility services,” said Helmut Matschi, president of Continental’s interior division.
“It is exciting to move into a new chapter in Zonar history with the backing of a respected global brand that recognizes our need to serve our markets as a nimble, innovative, customer-focused company as we have for the past 15 years,” Zonar President Ian McKerlich said.
Daimler Trucks North America will retain its minority stake in Zonar.
“Continental’s investment in Zonar presents a great opportunity to bring the best in both hardware and software solutions to the industry,” DTNA President Martin Daum said. “Zonar will continue to be an integral part of our connectivity solutions.”
While Continental may be best known in North American for tires, the company also focuses on automation, in-cab head-up displays and other technologies.
Several days prior to this announcement, Zonar introduced its next-generation tablet.