Bestpass, Inc., a comprehensive back-office automation software and toll management provider for commercial fleets, announced the close of a large multi-million minority investment by global software investor Insight Partners.
The funding will help Bestpass continue to deepen and expand its offerings for commercial fleets and owner operators. Insight joins Susquehanna Growth Equity as a major Bestpass investor.
What is Bestpass?
Bestpass, founded in 2001, is a toll management and payment platform for commercial vehicles across the U.S. and Canada. Bestpass covers 100% of major toll roads across the U.S., supports more than 30,000 customers, and processes over $1.5 billion in toll transactions annually.
“We couldn’t be more excited to have Insight Partners, a premier software growth investor, join us as we continue to grow and expand our service offerings,” said Tom Fogarty, CEO of Bestpass. “Our mission is to provide solutions for our customers that simplify back-office management, saving time and money and enabling fleets and drivers to focus on their core business. This investment is an endorsement of the Bestpass vision and allows us to continue to innovate, expand our reach, and delight our customers.”
In recent years, Bestpass has expanded its service offerings beyond toll management through innovation, strategic industry partnerships, and acquisitions.
“SGE has been impressed with Bestpass’s growth since our initial investment in 2018, and we look forward to working with Insight to support the company in this next phase. Bestpass supports fleets and owner operators in the back office and on the road. They have expanded from 5,000 customers to 30,000 over the last few years, and we expect continued growth from this point forward,” said Ben Weinberg, Managing Director at Susquehanna Growth Equity.
Since 2018, Bestpass noted that it has grown its customer base and revenue by three times. In 2022, Bestpass introduced its own citation management and payments product, and added Heavy Vehicle Usage Tax (HVUT) e-filing tax services to its portfolio through its acquisition of ExpressTruckTax, the market leader.
Earlier this year, Bestpass increased its scope by launching several new partnerships, including Drivewyze, a provider of weigh station bypass and driver safety notifications, to provide its customers with an integrated offering of toll and weigh station bypass solutions.
“Bestpass has a long history as a strategic and trusted partner in the commercial transportation industry, with solutions that increase productivity and save money for fleets of all sizes and simplify commercial toll management for tolling providers,” said Anika Agarwal, Managing Director at Insight Partners. “Despite significant growth in recent years, we believe Bestpass is just scratching the surface of its potential. We're thrilled to partner with the company's strong leadership team, and Susquehanna Growth Equity as they continue to scale and extend Bestpass’ position as a market leader.”
Anika and Adam Berger, Managing Director at Insight Partners, will both join the Bestpass board.