GODMANCHESTER telematics specialist Cybit has been sold for £22.8million. Cyberspace Bidco, a subsidiary of global technology private equity firm Francisco Partners, made an offer of 75p per share, giving shareholders a 108 per cent premium over Cybit s c

GODMANCHESTER telematics specialist Cybit has been sold for £22.8million.

Cyberspace Bidco, a subsidiary of global technology private equity firm Francisco Partners, made an offer of 75p per share, giving shareholders a 108 per cent premium over Cybit's closing share price of 36p.

Cybit works in the efficient strategic management of transport fleets on the roads and at sea. Its customers include KwikFit Mobile, Greene King and the Highways Agency.

It was formed in 2001 and floated on the Alternative Investment Market (AIM) the following year, making six acquisitions of its own to date.

Francisco Partners intends to grow Cybit's European telematics platform through continued acquisitions.