# Fleetmatics Development

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/fleetmatics-development

- Industry: Software
- Headquarters: Waltham, US
- Website: www.fleetmatics.com
- Total disclosed funding: $93M
- Latest round: Series C (Dec 6, 2010)
- Investors on record: 3

## About

Fleetmatics Development Limited provides advanced GPS fleet tracking software solutions that enhance fleet management, operational efficiency, and compliance across various industries.Fleetmatics Development Limited specializes in GPS fleet management software solutions, founded in 2004 in Waltham, US. The company successfully raised USD 132.81 mn through an IPO in October 2012, selling 7.8125 million shares at USD 17 each. In September 2013, Investcorp exited its remaining stake in Fleetmatics, and subsequently in August 2016, the company was acquired by Verizon Communications, Inc. for USD 2.4 bn. The firm has engaged in a total of five deals, with the most recent deal occurring on September 18, 2013.The company offers a comprehensive suite of GPS fleet tracking software that integrates various functionalities tailored to enhance fleet management and operational efficiency. Core products include vehicle tracking, maintenance alerts, performance reporting, and asset monitoring, utilizing advanced technologies such as HD video, artificial intelligence, and telematics. The software caters to a diverse clientele across multiple industries, including Food & Beverage, Retail, Construction, Law Enforcement, and Public Sector organizations, among others. Clients utilize the platform to improve fleet visibility, streamline work order management, and ensure compliance with regulations such as ELD mandates and hours of service. Geographically, the company serves markets in North America, Europe, and parts of the Asia-Pacific region, positioning itself as a leader in fleet management solutions designed for various operational needs.The company's revenue for the most recent year, 2015, was USD 284.76 mn, with an EBITDA of USD 81.44 mn. Revenue is primarily generated through a subscription-based model for its fleet tracking software, allowing clients to access its full range of features. Businesses typically enter into contracts that can include additional services such as integration with industry-specific solutions or advanced analytics capabilities. The pricing structure accommodates various client needs, from small businesses to large enterprises, with options for individual products such as ELD solutions, route optimization, and asset tracking. Additionally, the company engages in partnerships with approved service providers to enhance its product offerings, providing customers with integrated solutions that further streamline their operations, contributing to the firm's overall revenue stability.Fleetmatics Development Limited is focused on expanding its product offerings and geographic presence. Following the successful IPO in October 2012, the company plans to release new products designed to enhance fleet tracking capabilities, aiming for a launch in the upcoming year. The firm is targeting expansion into emerging markets in Asia-Pacific and South America by the end of 2025 to capture new business opportunities. The recent funding from the IPO will be utilized to support product development and market penetration efforts, ensuring the company can meet the evolving needs of its clients.

## Funding rounds

- Series C, Dec 6, 2010, $68M — Institutional Venture Partners, Pritzker Group Venture Capital, Investcorp
- Series B, Aug 9, 2008, $25M — Investcorp

## Investors

- Investcorp — Series B, Series C
- Institutional Venture Partners (https://capitalatlas.ai/funds/institutional-venture-partners) — Series C
- Pritzker Group Venture Capital (https://capitalatlas.ai/funds/pritzker-group-venture-capital) — Series C