Vicente Capital Partners has acquired a controlling stake in Intellectual Technology. Financial terms were not announced. Carlsbad, Calif.-based ITI provides on-demand printing and fulfillment solutions to modernize DMV operations and services. Imperial Capital provided financial advice to ITI.
Vicente Capital Partners, a leading growth equity investment firm, announced today that an affiliate of its Growth Equity Fund acquired a controlling interest in Intellectual Technology, Inc. (ITI), the premier provider of technology solutions and outsourced services to motor vehicle departments (DMVs) across North America. ITI’s common stock will cease trading on the OTC Pink Sheets and will be delisted today.
ITI was represented by Imperial Capital, a full-service investment bank servicing institutional investors and middle market companies. OneWest Bank provided debt financing, and no further financial details were disclosed. This is VCP’s seventh investment out of its $165 million Growth Equity Fund.
Headquartered in Carlsbad, California, ITI offers both on-demand printing and fulfillment solutions to modernize DMV operations and services. Powered by its proprietary software, ITI’s on-demand offering features both printers managed by DMV personnel and self-service kiosks which enable customers to receive vehicle registrations and other DMV services without having to wait in line for DMV personnel. ITI is the leader in vehicle registration kiosks and currently provides kiosks to DMV offices in California, Nevada, South Dakota and New York. ITI’s on-demand products reduce fraud, inventory risk and wait-times. ITI also offers a fulfillment solution, whereby states can outsource their entire DMV registration operation to ITI’s corporate facility. This significantly cuts costs at the state-level, while enhancing the quality of services provided to the end customer.
ITI’s management team has extensive experience in the DMV services industry and is led by President Craig Litchin and Director of Operations Drew Nicholson.
“We are excited to partner with Craig, Drew and their team,” said Jay Ferguson, Managing Partner of Vicente Capital Partners. “For over 20 years, ITI has maintained excellent customer service and developed long-term relationships with some of the largest jurisdictions in North America. We look forward to partnering with management to help the company accelerate its growth and capabilities.”
“Vicente Capital Partners shares our drive to modernize and improve the customer experience at DMVs across North America. We are excited about this partnership and believe that together we can continue to grow and expand our offering,” said Craig Litchin, ITI President. “This partnership is a win for our customers, partners, employees, and suppliers.”
Jay Ferguson and David Casares of Vicente Capital Partners will join ITI’s board of directors.
About Intellectual Technology, Inc.
Intellectual Technology, Inc. (ITI) provides innovative hardware and software system integration, as well as printing and delivery solutions to motor vehicle agencies throughout North America. ITI has over 20 years of experience in developing self-service and other on-demand solutions focusing on motor vehicle agencies. ITI is based in Carlsbad, California, with a logistics and operations office located in Fort Wayne, Indiana. Visit our website at www.iti4dmv.com.
About Vicente Capital Partners
Vicente Capital Partners is a private equity firm specializing in both non-control and control investments in growth businesses that have annual revenues between $5 million and $50 million. The firm’s investment professionals have a long and successful track record of partnering with management teams to create and realize value across a number of different industries including: Business Services (outsourced services, Internet services, telecom services); Consumer Services (healthcare services, residential delivery, education); and Specialty Manufacturing (aerospace & defense, environmental products, networking/telecom equipment). Current investments include SMT, VXi Corporation, Campus Explorer, and MedBridge. Prior investments include Overture, Rent.com, Cogent Communications, Sensor Systems, Transoft Networks, LivHome, O2 Science, and NewBridge College, among others.