Summit Partners has announced a joint venture with FleetCor Technologies (NYSE: FLT) to acquire Masternaut, a provider of telematics products to commercial fleets, from Francisco Partners. Founded in 1996, Masternaut provides a SaaS-based mobile resource management application suite to help businesses improve operational efficiency. By placing a small device in vehicles that relays data to Masternaut's servers, companies can lower vehicle fuel consumption, track assets and reduce emissions as well as vehicle wear and tear. Over 300,000 assets, vehicles and people are connected to Masternaut's system. Francisco Partners had backed the company since 2011.