Chicago-based private equity firm GTCR is acquiring video-based telematics supplier Lytx, Inc. for more than $500 million in an all-cash transaction, according to a release.
The transaction "will help power the next chapter in Lytx's growth as the innovator and leader of video telematics and safety services for commercial and public sector transportation," according to the release.
Since 1998, Lytx has been offering a range of subscription-based services that help improve the safe fleet driving behavior for more than 1,400 global clients. The flagship DriveCam program combines intelligent video capture of driving events, data-backed coaching insights, fleet tracking, and fuel management.
In 2015, Lytx saw nearly 80% year-over-year growth in the number of subscriptions sold, totaling more than 300,000 subscriptions. In a January report, industry research firm Frost & Sullivan reported the Lytx market share at 66%.
"With an unrivaled set of solutions, services and blue chip clients, Lytx is already driving its strong vision of expanding the video telematics category and their clear market leadership is proof that the team can continue to record stellar results," said Phil Canfield, GTCR managing director.
Originally posted on Automotive Fleet