Accel-KKR, a tech-focused private equity firm with over $10 billion of assets under management, has acquired GPS Insight, a fleet management software provider.
Founded in 2005, GPS Insight provides SaaS-based fleet management software and complementary solutions for Class 3-6 fleets in the United States and Canada.
"Our existing customers will see no immediate impact to any of products and service offerings they are using. What they will notice, is that there will be even more innovation and investment in all of our products. These combined businesses will take the best from all of the unique business offerings, and package them together in thoughtful and exciting ways," said Gary Fitzgerald, CEO of GPS Insight.
Simultaneously, Accel-KKR announced that it is merging GPS Insight (GPSI) with InSight Mobile Data (IMD) and Rhino Fleet Tracking (Rhino), two existing Accel-KKR portfolio companies focused on fleet management, field services and GPS tracking.
"GPS Insight is focused on being the premier provider for fleet solutions and beyond. We’ve already introduced a tightly integrated Field Service Management solution that is more powerful than any of our competitors, which goes well beyond tracking vehicles. It allows businesses to schedule jobs, manage work orders, and even take payments from job sites. Our vision is one consolidated platform for businesses to manage their fleets, field service technicians, risk and safety programs, vehicle maintenance, and more," Fitzgerald added.
The global fleet management market is poised to reach $34 billion, according to industry studies. Together, GPS Insight, IMD and Rhino serve over 11,000 accounts spanning more than 30 industries and over 225,000 vehicles. Customers from national enterprise accounts, government entities, energy, utilities to small field services teams rely on GPSI, IMD, and Rhino for a wide range of mission-critical tasks including GPS tracking, fleet utilization, scheduling and dispatching, and driver safety and compliance.
Fitzgerald will continue in his leadership role as CEO of the combined businesses.
Broader adoption of technologies such as 5G, and connected devices coupled with an increased need for operational productivity, have driven customer demand for single-suite technology platforms with highly extensible solutions for any size of fleet.
"We are thrilled to bring these businesses together with a unified vision of what the next best-in-class leader in fleet management can deliver in the marketplace," said Dean Jacobson, Managing Director of Accel-KKR. "Fleet, field, cameras, analytics: these are all converging to provide actionable insights and deliver significant value to customers. We believe the platform comprising GPSI, IMD and Rhino will be poised to be a powerful, single-point solution leader in the industry."
DC Advisory served as financial advisor to GPS Insight.