SkyBitz extends footprint into Latin America

SkyBitz has received regulatory approval to sell its patented SkyBitz Global Locating System (GLS) technology to logistics and transportation companies throughout Mexico. As part of a joint venture with Grupo Pegaso, a privately held company headquartered in Mexico City, the companies will launch SkyBitz de Mexico to support fleets based in that nation. Grupo Pegaso will oversee sales and marketing efforts, while product research and development will still be directed from SkyBitz's United States headquarters in Sterling VA.

The announcement of regulatory approval for SkyBitz de Mexico to sell in Mexico complements the approval the company received in 2005 to sell in Canada and allows SkyBitz to fully service all of North America. This venture also opens the door for further expansion throughout Latin America.

SkyBitz's expansion into Mexico follows the company's recent announcement that it has closed a Series D funding round for $10 million and is using the money in part to accelerate business growth in its core trucking market and to expand into new markets and applications.