Kayne Partners has invested in Drivewyze and its sister company, Intelligent Imaging Systems, Drivewyze said. Kayne Partners is the growth private equity group of Kayne Anderson Capital Advisors, L.P., an approximately $29 billion alternative investment firm.
The money will help support growth of Drivewyze’s mobile-based weigh station bypass service. Drivewyze offers cloud-based software to the commercial trucking industry, including bypass services and a nationwide fleet analytics service. Leveraging cellular networks, the internet, and GPS, Drivewyze provides weigh station bypass services at 411 sites in 30 states via smartphones, tablets and specialized in-cab fleet telematics devices.
“We are pleased to have the support of Kayne Partners as we continue with our rapid pace of service expansion and record business growth,” said Brian Heath, president and CEO of Drivewyze. “In the last 18 months, Drivewyze has grown to become the nation’s largest weigh station bypass service provider, with the number of locations in the Drivewyze network having grown over 80%. Our Commercial Mobile Radio Service (CMRS) transponder technology is changing how trucking companies and state commercial vehicle inspectors view weigh station bypass. With our partners at PeopleNet, Rand McNally and Zonar offering Drivewyze on their in-cab devices, fleets are finding that Drivewyze can save them thousands of hours of lost driver productivity and significantly reduce their fuel costs.”
“Kayne Partners targets industries which are typically underserved from a technological perspective, and the commercial vehicle and trucking industries currently rely on outdated tracking and monitoring methods,” said Doyl Burkett, partner, Kayne Partners. “The IIS and Drivewyze business segments utilize existing third-party platforms to increase operating inefficiencies in the trucking and fleet management markets. This closely aligns with Kayne Partners’ mandate to find companies using innovative processes in large, established industries.”