FleetMatics, a provider of GPS tracking applications for commercial fleets, has closed a $68 million growth equity financing. Institutional Venture Partners (IVP), a venture capital and growth equity firm, invested with Investcorp Technology Partners, FleetMatics' majority owner. New World Ventures also participated as a new investor.

FleetMatics provides a best-in-class GPS vehicle tracking application. Over 12,500 businesses globally use the FleetMatics tracking system, which helps reduce operating expenses while increasing productivity and improving customer service.

In conjunction with the financing, IVP's General Partner Sandy Miller has joined the FleetMatics Board of Directors. "We are very pleased to welcome FleetMatics to IVP's portfolio of exceptional technology companies," said Miller. "FleetMatics is a rapidly growing, profitable business that has tremendous growth potential and I am looking forward to working with FleetMatics's management team and board of directors to accelerate its growth and industry leadership."

"This growth investment will be an important source of capital to help us accelerate our growth and drive key initiatives. FleetMatics will elevate our ability to expand our best-in-class products and services offerings to meet the needs of fleets of all sizes," explained Jim Travers, CEO of FleetMatics. "Fleetmatics is in a stronger position to quickly reach our goal of being the leading global software-as-a-service (SaaS) provider of vehicle management solutions."

"IVP's extensive knowledge of the technology market and successful track record of building growth companies will help FleetMatics to maintain its leadership position while expanding its global footprint," said Alex Guira, co-head of Investcorp Technology Partners. "We are looking forward to fully realizing the potential of FleetMatics as an exciting growth company and a clear market leader."