Fleet Complete, a tech company operating in the connected vehicle space, has closed a previously announced investment partnership with the Ontario Teachers’ Pension Plan. Ontario Teachers has acquired an undisclosed minority stake in Toronto-based Fleet Complete, from Chicago-based private equity firm Madison Dearborn Partners (MDP).
Through the partnership with Ontario Teachers’, Fleet Complete’s management team will continue to execute on the company’s global growth ambitions. MDP remains a significant investor in Fleet Complete.
Established in the technology industry for twenty years, Fleet Complete helps small to medium-sized businesses and large enterprises improve daily operations, through GPS vehicle & fleet tracking systems and devices, as well as mobile workforce management solutions. Fleet Complete leverages IoT and telematics technology to provide analytics to help cut costs and drive revenue and efficiency for vehicle manufacturers and tier-one suppliers.
“We’re grateful for the amazing partnership we’ve had with Madison Dearborn over the past four and a half years, they’ve been really supportive,” Fleet Complete CEO Tony Lourakis said to Freight Waves before the partnership was finalized. “We’re happy to get them some liquidity and a great return, and we’re happy to continue to have them as a partner.
Since MDP invested in Fleet Complete in August 2014, Fleet Complete quadrupled in its size, completed four more acquisitions and increased its revenue to $100 million. The company has also raised its employee census to 500, and grew to half a million subscribers in 15 countries. Its clients include General Motors, Mitsubishi, and Phillips Industries.
The company provides connected car technology across North America and Europe and works with distribution partners including AT&T in the US, Telus in Canada, Telstra in Australia, and Deutsche Telekom in multiple European countries.
Image courtesy Fleet Complete.