Video Telematics Firm Lytx Announces Strategic Partnership with New InvestorsApril 9, 2018 1:47 pm Leave your thoughts
Lytx announced that Clearlake Capital Group, HarbourVest Partners, the Public Sector Pension Investment Board and Guggenheim Investments are joining control shareholder GTCR as investors in the company.
The transaction establishes an enterprise value of more than $1.5 billion for Lytx and raises more than $700 million in capital.
“Together with GTCR, the new investors are committed to continuing the expansion of the company and supporting its culture of client-centric innovation,” Lytx said in a news release.
Lytx has cataloged and analyzed more than 80 billion miles of driving data, according to the company.
“This investment comes at a critical phase in the evolution of data and video telematics and is perfectly timed with the next wave of Machine Vision and Artificial Intelligence services for fleets,” said Lytx Chairman and CEO Brandon Nixon. “We are now poised to leverage this technology, along with our vast amount of driving data, to help our clients solve their toughest operational problems and keep their workers safe.”
Lytx sold 300,000 new subscriptions over a three-year period, according to the company, reaching 500,000 total subscriptions. In a recent report, industry research firm Frost & Sullivan estimated that Lytx’s market share is more than 60 percent.
“Lytx has continued to set the pace as the market leader in video telematics, a category it established two decades ago,” said Clearlake’s co-founders and managing partners, Behdad Eghbali and José E. Feliciano. “With the versatility of video and the power of predictive analytics, Lytx’s DriveCam program has become an industry standard in commercial transportation. With their drive for continual innovation, dynamic company culture, and dedication to extraordinary customer service, they are uniquely poised to break through the next threshold of video technology. We are thrilled to form a long-term partnership with Lytx and look forward to supporting the company during their next phase of growth.”
Members of the Lytx executive leadership team will continue in their roles, and Nixon will remain chairman of the board and CEO.
“When we acquired Lytx in 2016, we knew that they would transform the category of video telematics,” said GTCR Managing Director Phil Canfield. “Lytx had a record year in 2017. They sold more subscriptions than any video telematics company in the world, and launched a solution that went beyond safety to target the operational blind spots that keep fleets from being their most productive and profitable. We are committed to a long-term partnership with Lytx, and we are confident that their record breaking growth will continue.”
Rothschild & Co. served as exclusive financial advisor to Lytx and Kirkland & Ellis offered legal counsel.Tags: GTCR, Video Telematics
Categorised in: Business, News
This post was written by Telematics Talk Staff