Private investment firm Inverness Graham has acquired acquisition of GPSTrackIt, a provider of SaaS based asset-tracking and fleet management solutions across North America.
GPSTrackIt’s solutions deliver cost reductions, increased fleet efficiency, and equipment & asset protection. Inverness Graham teamed up with telematics and telecom market industry veteran, Keith Schneider, who joins as the company President and CEO. Founding owner, John Stull, retained a significant ownership position in the business and will remain on the Board of Directors.
“GPSTrackIt is a proprietary opportunity that was sourced through our proactive search efforts in the Internet of Things market. It is our 5th platform investment in the IoT & Mobile Tech areas,” says Michael Morrissey, Managing Principal of Inverness Graham. “GPSTrackIt’s web-based software solutions deliver an exceptional ROI through its custom reports and alerts for vehicle activity and driver safety monitoring, including seat-belt usage, speeding, and rapid acceleration. The Company also has an ELD offering. We are excited to partner with the team at GPSTrackIt and to support the Company in both organic initiatives and strategic acquisitions.”
Schneider says: “GPSTrackIt is well positioned with a rich innovative history, serving thousands of customers with tens of thousands of fleet vehicles and assets. I am excited to join this dynamic company and look forward to continuing to build an enduring market leader in partnership with the team and Inverness Graham.”
Drinker Biddle & Reath LLP advised Inverness Graham. Terms of the transaction were not disclosed.
