Francisco Partners has completed the sale of NexTraq, which provides fleet management applications and services to small and mid-sized fleets in North America, to FleetCor Technologies. Under Francisco’s ownership, NexTraq grew more than 20 percent annually.
Francisco Partners, a leading technology-focused private equity firm, today announced that it has completed the sale of NexTraq to FleetCor Technologies, Inc. Based in Atlanta, NexTraq is a provider of fleet management applications and services to small and mid-sized fleets in North America.
“We are pleased to have been part of NexTraq’s impressive growth over the course of our partnership. Together, NexTraq and FleetCor are positioned to better serve fleet operators with a complementary set of financial and workforce solutions tailored specifically to the distinct needs of fleets,” said Neil Garfinkel, a partner at Francisco Partners and NexTraq director.
Francisco Partners acquired NexTraq (then known as Discrete Wireless) in 2009, establishing the firm as an early mover in the telematics space. Under Francisco Partners’ ownership, the business grew more than 20 percent annually and today serves more than 100,000 subscribers.
“NexTraq serves the same commercial fleet clients with its telematics solutions as we do with our fuel card solutions. This represents a big cross marketing opportunity for us to deepen our existing client relationships and generate more profit per client,” said Ron Clarke, Chairman and CEO of FleetCor.
ABOUT FRANCISCO PARTNERS
Francisco Partners is a global private equity firm that specializes in investments in technology companies. Since its launch over a decade ago, FP has raised approximately $7 billion and invested in more than 100 technology companies, making it one of the most active investors in the industry. The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm’s deep sub-sector knowledge and operational expertise can help a company realize its full potential. For further information, please visit: www.franciscopartners.com.
Established in Atlanta in 2000, NexTraq provides a leading GPS fleet tracking telematics solution. The NexTraq(R) solution is a cloud-based application that enables businesses to optimize fleet operations while reducing operational costs and maximizing revenue, allowing customers achieve ROI in as little as one month. To learn more about NexTraq, please visit http://www.nextraq.com/.
FleetCor is a leading global provider of fuel cards and workforce payment products to businesses. FleetCor’s payment programs enable businesses to better control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. FleetCor serves commercial accounts in North America, Latin America, Europe, and Australasia. To learn more about FleetCor, please visit http://www.fleetcor.com.