Telematics vendor GPS Insight has acquired an investment from private equity firm Bregal Sagemount that will fund the company's continued growth as a provider of cloud-based fleet management software, the Scottsdale, Ariz.-based company announced.
Bregal Sagemount provides capital as well as strategic assistance, and GPS Insight will work with the firm to "further augment its solutions, expand its market reach, and drive substantial value for its customers," according to a release. The amount of the investment was not disclosed.
"We have grown rapidly since our founding in 2005 and take great pride in the high-quality solutions and services we provide to our customers," said Rob Donat, founder and chief executive "Sagemount is the right partner to assist in advancing our suite of offerings and driving the next phase of growth for GPS Insight."
Two of the firm's leaders will join the GPS Insight board, including Phil Yates, founding partner, and Michael Kosty, principal. DCS Advisory acted as GPS Insight's financial advisor in the transaction.
"GPS Insight has emerged as a market leader in the telematics space through its unprecedented product flexibility, innovative development initiatives, and steadfast dedication to customer service," Yates said.
Originally posted on Automotive Fleet