The press releases contained in this archive section are provided for historical purposes only. The information contained in each press release is accurate only as of the date each press release was originally issued. [FleetMatics or SageQuest] disavows any obligation to update the information contained in such press releases after the date of their issuance.
Boston, MA - (December 6, 2010) - Fleetmatics, a market leader of GPS tracking applications for commercial fleets, today announced that it has closed a $68 million growth equity financing. As part of the round, Institutional Venture Partners (IVP), one of the premier later-stage venture capital and growth equity firms, invested with Investcorp Technology Partners, Fleetmatics' majority owner. New World Ventures also participated as a new investor.
Fleetmatics provides a best-in-class GPS vehicle tracking application. Over 12,500 businesses globally use the Fleetmatics tracking system, and the GPS fleet tracking provides customers with an arsenal of powerful tools that helps reduce operating expenses while increasing productivity and improving customer service. Fleetmatics provides customers with an effective way to measurably save money and increase productivity on a daily basis.
Accelerate Growth and Innovation
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," said 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," explained Jim Travers, CEO of Fleetmatics. "Fleetmatics is in a stronger position to quickly reach our goal of being the leading global software-as-a-service (SaaS) 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," said Alex Guira, Co-Head of Investcorp Technology Partners. "We are looking forward to fully realizing the potential of Fleetmatics as an exciting growth company and a clear market leader."
Fleetmatics is a rapidly growing, privately-funded software-as-a-service (SaaS) company focused on live GPS tracking for fleet vehicles. Fleetmatics' comprehensive software offerings are designed for businesses that focus on improving customer service, real-time operations visibility and maximum performance from their vehicles and service representatives. Fleetmatics handles major technology issues, enabling customers to realize a rapid and ongoing ROI that includes increased revenue, reduced costs, and ability to grow profitably. For more information, visit www.fleetmatics.com or call 866.844.2235.
About Investcorp Technology Partners
Investcorp Technology Partners is a leading growth and buyout investor in small and medium-sized technology businesses in North America and Europe. The team focuses on growth capital, buyout, corporate carve out and take-private transactions. Currently, the team oversees three funds with over $1 billion of accumulated assets under management. Investcorp Technology Partners is part of Investcorp, a leading provider and manager of alternative investment products. It has offices in New York, London and the Kingdom of Bahrain and is publicly traded on the Bahrain Stock Exchange (INVCORP). Investcorp has three business areas: corporate investment in the Gulf, US and Europe, real estate investment in the US and global hedge funds. Founded in 1982, Investcorp has grown to become one of the largest and most diverse alternative investment managers in terms of both product offerings and geography. As at September 30, 2010 Investcorp had $11.9 billion in assets under management.
About Institutional Venture Partners (IVP)
With $3 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. The partnership is currently investing IVP XIII, a $750 million later-stage fund focused on investments in rapidly growing technology and digital media companies. Founded in 1980, IVP has invested in over 300 companies, 85 of which have gone public. IVP has a 30 year IRR of 43.2% and is one of the top performing firms in the industry. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (ARST), Aspect Communications (ASPT), At Road (ARDI), Business.com (RHD), Clarify (CLFY), ComScore (SCOR), Concur Technologies (CNQR), Danger (MSFT), Digital River (DRIV), Form Factor (FORM), Foundry Networks (FDRY), HomeAway, Juniper Networks (JNPR), Kayak, LSI Corporation (LSI), Mobile 365 (SY), MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), Quigo (TWX), Seagate (STX), Synchronoss (SNCR), Tivo (TIVO), Twitter, Websense (WBSN) and Zynga. For more information, visit http://www.ivp.com or follow IVP on Twitter: http://twitter.com/ivp.
About New World Ventures
New World Ventures, closely affiliated with The Pritzker Group, is a venture capital firm investing in technology companies with exceptional potential and helping these companies become market leaders in their space. New World's sector focus includes enterprise-focused solutions (e.g. SaaS, telecommunications, IT infrastructure, technology-enabled services) and Internet-driven businesses (e.g. interactive marketing, e-commerce, mobile, social networking). New World's dedication to active investing and its commitment to long-term business building have helped its companies achieve outstanding success. Among its recent exits are Playdom (sold to Disney), LeftHand Networks (sold to Hewlett-Packard) and TicketsNow (sold to Ticketmaster). For additional information visit www.newworldvc.com.