FleetMatics, a provider of GPS tracking applications for commercial fleets, has announced that the company has raised a $68 million growth equity round of financing. Institutional Venture Partners, a later-stage venture capital and growth equity firm, was the lead new investor with participation from new investor New World Ventures and FleetMatics’ majority owner, Investcorp Technology Partners.
"This growth investment will be an important source of capital to help us accelerate our growth and drive key initiatives,” said Jim Travers, CEO of FleetMatics. “FleetMatics will elevate our ability to expand our best-in-class products and services offerings to meet the needs of fleets of all sizes. 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."
“These new equity partners possess extensive knowledge of the technology market and possess a successful track record of building growth companies” noted Alex Guira, co-head of Investcorp Technology Partners. “These new partners will help FleetMatics maintain its leadership position while expanding its global footprint. We are looking forward to fully realizing the potential of FleetMatics as an exciting growth company and a clear market leader.”
