Francisco Partners, a leading technology-focused private equity firm, today announced that it has completed the sale of NexTraq to FleetCor Technologies, Inc. (NYSE: FLT). Based in Atlanta, NexTraq is a provider of fleet management applications and services to small and mid-sized fleets in North America.
“We are pleased to have been part of NexTraq’s impressive growth over the course of our partnership. Together, NexTraq and FleetCor are positioned to better serve fleet operators with a complementary set of financial and workforce solutions tailored specifically to the distinct needs of fleets,” said Neil Garfinkel, a partner at Francisco Partners and NexTraq director.
Francisco Partners acquired NexTraq (then known as Discrete Wireless) in 2009, establishing the firm as an early mover in the telematics space. Under Francisco Partners’ ownership, the business grew more than 20 percent annually and today serves more than 100,000 subscribers.
“NexTraq serves the same commercial fleet clients with its telematics solutions as we do with our fuel card solutions. This represents a big cross marketing opportunity for us to deepen our existing client relationships and generate more profit per client,” said Ron Clarke, Chairman and CEO of FleetCor.
ABOUT NEXTRAQ
The company uses web-hosted Software as a Service (SaaS) solutions in concert with GPS-based hardware to help local fleet managers drive operational efficiencies and reduce costs in their geographically dispersed mobile fleets. NexTraq focuses primarily on small and medium sized fleets and currently serves more than 6,000 companies and manages approximately 100,000 subscribers. The company is one of three Francisco Partners investments in the telematics sector, the other two being Cybit (now combined with and renamed Masternaut) and Attenti (formerly Dmatek; sold to 3M).