Private Equity Firm Acquires Telematics Provider Lytx® for $500 Million
In what may represent further consolidation in the telematics field, along with its potential coupled with the demand for capital, Lytx has announced a deal to be acquired by Chicago-based private equity firm GTCR.
The deal, expected to close in the first quarter, is an all-cash transaction of more than $500 million.
Lytx offers a range of subscription-based services to help improve the safe fleet driving behavior for more than 1,400 clients worldwide. Its flagship service offering, DriveCam®, combines the video capture of driving events, data-backed coaching insights, fleet tracking, fuel management and more.
Lytx reported that it achieved a nearly 80 percent year-over-year growth in the number of subscriptions sold in 2015, totaling more than 300,000 subscriptions.
The Lytx executive leadership team will continue in their roles.
Category: Telematics
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