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.