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Lyceum acquires Isotrak to support UK and North American expansion

Lyceum Capital has led the acquisition of vehicle tracking and fleet management software provider Isotrak from Saints Chamonix Private Equity to accelerate the company’s UK and North American expansion strategies.

 
Investing alongside the existing management team Lyceum has taken a majority share in the business, which recently won contracts with a number of leading retailers in North America to add to its blue chip UK customer base. 
 
Established in 1999, Isotrak provides vehicle tracking and fleet management software to enable businesses that operate large fleets of heavy goods vehicles (HGVs) and light commercial vehicles (LCVs) to reduce costs, improve operational efficiency, lessen their environmental impact and improve customer service. The company employs over 120 people across its UK office in Milton Keynes and a base in San Diego. The business is forecast to reach sales of approximately GBP30m for its financial year ending December 2013, which would represent a three-year compound annual growth rate (CAGR) of 30 per cent.
 
Lyceum will work alongside Isotrak’s management team, led by executive chairman Gavin Whichello and UK managing director Greville Coe, to further advance the business’s position in the UK through accelerated development of its product suite, whilst targeting organic growth in the North American complex fleet management segment (HGVs and LCVs in fleets of over 100 vehicles) – which is estimated to be worth GBP12.3bn.
 
Partner Daniel Adler and investment director Humphrey Baker led the deal for Lyceum and will join the board of Isotrak.
 
Adler says: “Vehicle tracking and fleet management software is now viewed as business-critical by major fleet operators in addressing regulatory pressures, driving efficiency savings and reducing their impact on the environment. Isotrak has an industry-leading product offering which delivers a strong level of return on investment for its loyal customer base in the UK, where the company is a valued partner to large corporates and is embedded in their complex supply chains.
 
“Whilst further developing Isotrak’s leading UK market position through accelerated product development and organic expansion, we will work with the business’s experienced management team to replicate this success with operators in the large North American market, where there is a clear opportunity to build a fleet management software provider of scale through investing in people and developing new reseller and channel partnerships for the company’s flexible solutions.”

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