ProconGPS, Inc., a Knoxville, TN-based provider of GPS tracking solutions to the North American automotive finance industry, has received a private equity investment of undisclosed amount from Bertram Capital.
As stated by CEO Brian Boling, this partnership with Bertram Capital will enable the company to further advance its technology solutions, develop new market opportunities and execute select strategic acquisitions.
The existing team will remain in place and continue to manage daily operations.
ProconGPS supplies risk mitigation products including GPS tracking and payment protection systems to the subprime vehicle finance industry. These products are designed to reduce the costs, complexities and risks associated with managing mobile assets. The company currently has over 700,000 GPS tracking units in service throughout the US, Canada and Mexico.
In addition, its subsidiary Procon Fleet Services provides GPS-enabled fleet management solutions in the US.