FleetMatics, a software-as-a-service (SaaS) provider of GPS vehicle tracking applications for commercial fleets, has closed a $68m growth equity financing.
Investors in the round include Institutional Venture Partners (IVP), with participation from Investcorp Technology Partners, FleetMatics’ majority owner, and New World Ventures.
In conjunction with the financing, IVP’s General Partner Sandy Miller has joined the company’s Board of Directors.
As stated by Jim Travers, CEO of FleetMatics, the proceeds from the investment will be an important source of capital to help the company accelerate its growth and drive key initiatives. FleetMatics provides over 12,500 businesses globally with GPS tracking tools that are designed to help them improve customer service, reduce operating expenses while increasing productivity and improving customer service.
The company operates offices in USA (Alpharetta, GA, Wellesley Hills, MA, Charlotte, NC, Arlington Heights, IL, Clearwater, FL,) UK (London, Reading, Glasgow) and Ireland (Dublin and Cork).