Private equity firm to buy Lytx for $500 million

Feb. 18, 2016
All-cash deal expected to be finalized in the first quarter.

Video telematics provider Lytx is set to be acquired by Chicago-based private equity firm GTCR in an all-cash $500 million deal expected to be finalized within the first quarter this year.

Lytx, which offers its DriveCam video recording and other subscription-based services to over 1,400 fleet clients, said it will remain headquartered in San Diego with its current management team unchanged by the deal.

“Over this past year, video telematics pivoted from being a nice-to-have to a must-have among commercial and public sector fleets,” noted Lytx’s Chairman and CEO Brandon Nixon in a statement. “This new chapter will allow us to significantly expand the portfolio of services delivered to our growing installed base, and give us the room to deliver a broader variety of actionable data to help our clients solve tough business problems.”

Nixon will remain chairman following the acquisition, Lytx noted.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Leveraging telematics to get the most from insurance

Fleet owners are quickly adopting telematics as part of their risk mitigation strategy. Here’s why.

Reliable EV Charging Solution for Last-Mile Delivery Fleets

Selecting the right EV charging infrastructure and the right partner to best solve your needs are critical. Learn which solution PepsiCo is choosing to power their fleet and help...

Overcoming Common Roadblocks Associated with Fleet Electrification at Scale

Fleets in the United States, are increasingly transitioning from internal combustion engine vehicles to electric vehicles. While this shift presents challenges, there are strategies...

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...