Vehicle intelligence company Spireon has selected Greenbriar Equity Group, L.P., a New York-based private investment firm, as its new equity partner. Financial terms of the transaction were not disclosed.
With more than $3.5 billion in capital and investments in the global transportation and logistics industries, Greenbriar becomes the primary investor in Spireon as a result of the transaction.
“Spireon is the leader in vehicle analytics and telematics solutions in the U.S., with a strong foothold in the automotive and commercial transportation sectors, which makes the company a natural fit with our portfolio of transportation and logistics companies,” said
According Michael Weiss, managing director at Greenbriar, Spireon is a natural fit for the equity firm, as Spireon is focused on vehicle analytics and telematics solutions, lending itself well to Greenbriar’s portfolio of transportation and logistics companies.
“We look forward to working with the outstanding team at Spireon to accelerate growth and fuel continued innovation in vehicle intelligence solutions,” said Weiss.
Greenbriar has close to 20 years of experience investing in and supporting market-leading manufacturing and services businesses in partnership with proven management teams. Spireon fits with Greenbriar’s successful track record of backing rapidly growing technology-enabled businesses. The company says its decision to invest in Spireon reflects its deep understanding of Spireon’s end markets and high level of confidence in the company’s business strategy and execution abilities.
In August, Spireon reported growth within all segments of its business during the first half of 2018, including a 65 percent increase in device shipments to franchise auto dealers, 36 percent increase in revenues from the trailer segment, and 45 percent increase in device shipments to the SMB fleet market year-over-year. So far, the company has announced five new solutions this year, as well as a new partnership with Ford Commercial Solutions to integrate Ford telematics data with Spireon’s FleetLocate solution.
Spireon has received six industry awards in 2018, including two Compass Intelligence awards for IoT Vehicle Telematics Company of the Year and IoT Innovator in Auto Dealer Management, and two Stevie awards for Customer Service Department of the Year and New Product of the Year (NSpire 3.0).