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IVP and Investcorp lead FleetMatics’ USD68m investment

FleetMatics, a provider of GPS tracking applications for commercial fleets, has closed a USD68m growth equity financing. 

Institutional Venture Partners invested with Investcorp Technology Partners, FleetMatics’ majority owner. 

New World Ventures also participated as a new investor.
 
Over 12,500 businesses globally use the FleetMatics tracking system.
 
In conjunction with the financing, IVP’s general partner Sandy Miller has joined the FleetMatics board of directors. 

“We are very pleased to welcome FleetMatics to IVP’s portfolio of exceptional technology companies," says Miller. “FleetMatics is a rapidly growing, profitable business that has tremendous growth potential and I am looking forward to working with FleetMatics’s management team and board of directors to accelerate its growth and industry leadership."
 
"This growth investment will be an important source of capital to help us accelerate our growth and drive key initiatives. FleetMatics will elevate our ability to expand our best-in-class products and services offerings to meet the needs of fleets of all sizes," says Jim Travers, chief executive of FleetMatics. "Fleetmatics is in a stronger position to quickly reach our goal of being the leading global software-as-a-service provider of vehicle management solutions."
 
“IVP’s extensive knowledge of the technology market and successful track record of building growth companies will help FleetMatics to maintain its leadership position while expanding its global footprint,” adds Alex Guira, co-head of Investcorp Technology Partners. “We are looking forward to fully realising the potential of FleetMatics as an exciting growth company and a clear market leader.”

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