Monarch Tractor’s assets have been acquired by construction giant Caterpillar, after struggling to pivot to a software services business, according to filings with the United States Patent and Trademark Office.
The acquisition, first reported by Bloomberg, caps a few tough years for Monarch as it went through multiple rounds of layoffs, was sued by three different dealers, and lost a major contract manufacturing partner in Foxconn. It also comes just a few weeks after co-founder and wine scion Carlo Mondavi said he was “pushed out” after disagreeing with CEO Praveen Penmetsa’s software-forward approach.
