LLR Partners has invested $70 million in Vehicle Tracking Solutions, a technology company focused on helping fleet-driven organizations. David Dolan of DC Advisory served as advisor to Vehicle Tracking Solutions on the deal.
COMMACK, N.Y. & PHILADELPHIA–(BUSINESS WIRE)–Vehicle Tracking Solutions (VTS), an innovative technology company helping fleet-driven organizations transform the way they make business decisions, today announced a $70 million investment from LLR Partners. The capital will be used to help accelerate growth for IntelliShift, a division of VTS, by fueling innovation, expansion in North America and an enhanced focus on the customer experience for digitizing and transforming fleet and safety management.
Founded by current CEO and President John Cunningham and his wife Karen in 2002, VTS is a pioneer in telematics and fleet management and has continually differentiated itself through a client-first approach. VTS’s connected fleet and safety operations solutions are used by more than 3,000 customers from emerging small businesses to complex, regulated organizations with thousands of vehicles and assets.
IntelliShift, which leverages VTS’s 20 years of IoT and telematics expertise, is disrupting the way field-based workers in a variety of operations roles view and take action on data. Its cloud-based fleet and safety management platform features both telematics and AI video capabilities within a single solution, furthering its mission to intelligently predict and optimize business performance across departments. Recently, IntelliShift was named to the 2021 Gartner Market Guide for Transportation Mobility. According to Gartner, “the global commercial telematics market continues to grow at approximately 25% per year.”
“VTS connects field operations data with AI video capabilities to help clients improve operational efficiency, situational intelligence and driver safety,” said Dan Irwin, Vice President at LLR Partners. “Amplified by effective implementation and an exceptional customer focus, VTS and its IntelliShift division are meeting the fast-growing market demand for next-generation video telematics.”
“We were thrilled to find a partner in LLR who shares our passion for building best-in-class customer experiences and brings expertise in helping telematics and IoT companies accelerate growth. This partnership will help power our product innovation, drive customer value by optimizing connected fleet and safety processes, and capitalize on a tremendous market opportunity with our new AI video offerings,” said John Cunningham, Founder, CEO and President, VTS.
“LLR has partnered with founder-led businesses for over 20 years, recognizing the strength and passion that carrying out a founder’s vision for growth brings to an entire organization,” said Dave Stienes, Partner at LLR Partners. “We are excited to work with John, Karen and their team as they continue to drive the asset and fleet management industry toward a future with connected operations and data-driven decision-making.”
VTS will operate as an independent platform company, pursuing growth organically as well as through potential acquisitions. John Cunningham will also assume the role of Chair of the Board of Directors with Karen Cunningham serving as a Board Member.
David Dolan of DC Advisory served as advisor to Vehicle Tracking Solutions in this transaction.
About LLR Partners
LLR Partners is a lower-middle-market private equity firm investing in technology and healthcare businesses. We collaborate with our portfolio companies to identify and execute on key growth initiatives and help create long-term value. Founded in 1999 and with more than $5 billion raised across six funds, LLR is a flexible provider of equity capital for growth, recapitalizations and buyouts. Learn more at https://www.llrpartners.com/.
About Vehicle Tracking Solutions
VTS is an innovative technology company helping fleet-driven organizations transform the way they make business decisions. With a client-first premise and 20 years of deep fleet knowledge, VTS builds highly configurable solutions that help our clients evolve beyond traditional one-size-fits-all fleet management toward a future with connected fleet operations and data-driven decision-making.
IntelliShift is the leader in connected vehicle and asset operations, delivering unified data and actionable insights to intelligently predict and optimize business performance. By putting the customer experience at the center of what we do, we offer the industry an alternative to today’s out-of-the box solutions, uniting people, processes, vehicles and equipment through real-time operational data. As a trusted partner to both the SMB and enterprise markets, we work transparently to ensure a seamless deployment, integrate with their existing solutions and define success outcomes for increased productivity, improved safety metrics and an overall reduction in costs per asset. A division of VTS (Vehicle Tracking Solutions), IntelliShift is rooted in nearly 20 years of IoT and telematics expertise. We have evolved to offer a unified, cloud-based platform and solutions, powering the in-the-moment insights required for business agility in mobile and field operations. We strive to empower and enable change agents, not only with our clients but also within their customer base, to achieve results through a prescriptive, iterative approach that generates immediate returns. We are proud to work with leading brands including Bimbo Bakeries, Thyssenkrupp Elevators and US Ecology.