New York-based private investment firm Greenbriar Equity Grouphas invested in vehicle intelligence company Spireon.
With over USD3.5 billion in capital and investments in the global transportation and logistics industries, Greenbriar becomes the primary investor in Spireon as a result of the transaction.
“Spireon is the leader in vehicle analytics and telematics solutions in the US, with a strong foothold in the automotive and commercial transportation sectors, which makes the company a natural fit with our portfolio of transportation and logistics companies,” says Michael Weiss, Managing Director at Greenbriar. “We look forward to working with the outstanding team at Spireon to accelerate growth and fuel continued innovation in vehicle intelligence solutions.”
Greenbriar has close to 20 years of experience investing in and supporting market-leading manufacturing and services businesses in partnership with proven management teams. Spireon fits with Greenbriar’s successful track-record of backing rapidly growing technology-enabled businesses. Its decision to invest in Spireon reflects Greenbriar’s deep understanding of Spireon’s end markets and high level of confidence in the company’s business strategy and execution abilities.
In August, Spireon reported growth within all segments of their business during the first half of 2018, including a 65 per cent increase in device shipments to franchise auto dealers, 36 per cent increase in revenues from the trailer segment, and 45 per cent increase in device shipments to the SMB fleet market year over year. So far, the company has announced five new solutions this year, as well as a new partnership with Ford Commercial Solutions to integrate Ford telematics data with Spireon’s FleetLocate solution. Further, Spireon has received six industry awards in 2018, including two Compass Intelligence awards for IoT Vehicle Telematics Company of the Year and IoT Innovator in Auto Dealer Management, and two Stevie awards for Customer Service Department of the Year and New Product of the Year (NSpire 3.0).
“We couldn’t be more excited to have Greenbriar as a partner and our new primary investor,” says Kevin Weiss, Spireon CEO. “Greenbriar’s extensive knowledge and relationships in our industry, along with its financial strength, make it the ideal partner to open new opportunities that will help us reach the next level of growth.”
Financial terms of the transaction have not been disclosed.
