The investment will help fund the acquisition of RAIR Technologies, LLC, a provider of regulatory compliance solutions for DOT-regulated fleets.
"We are very pleased to partner with DriveCam, the market-leading provider of driver safety technology and solutions," commented Mike Donovan, General Partner at WCAS. "DriveCam's management team has been at the forefront of industry innovation and operational excellence, and as a result, we see the very strong momentum in the business today continuing into the future." WCAS joins DriveCam's strong group of existing investors.
"It's exciting to be recognized by leaders in the investment community for our hard work and success," remarked DriveCam CEO Brandon Nixon. "With this investment, DriveCam will continue to accelerate its growth by expanding into new market segments and broadening its value proposition through strategic partnerships and targeted acquisitions, the first of which is RAIR."
RAIR provides web-based safety and compliance services to many top fleets in trucking, distribution and transit, including 50% of the "Top 100" carriers in the U.S. and Canada. Its services include the processing and auditing of hours-of-service logs, CSA data analysis and management, driver qualification file auditing, vehicle inspection (DVIR) reporting and auditing, drug testing and more.
"We've dedicated many years to building a business that is an industry leader, recognized for great customer service," stated Greg Lofy, CEO of RAIR. "In DriveCam, we have found a strategic partner that shares our commitment to high-quality service and innovation - and is the unparalleled leader in driver safety. By joining forces, I'm confident we will be able to expand our technology and services to bring additional value to our customers."
The investment and acquisition are expected to close in early December 2011, subject to customary closing conditions, including expiration of the waiting period. Terms of the transactions were not disclosed.