Video telematics company Lytx has signed an agreement to be acquired by Chicago-based private equity firm GTCR, the company has announced.
The deal is an all-cash transaction of over $500 million and is seen as a move to expand Lytx’s place in the telematics market with a broader portfolio of services and data. Lytx was started in 1998 and provides a range of subscription-based services to help fleets improve driving behavior with products that include its DriveCam offering.
In 2015, Lytx saw close to 80% growth in the number of subscriptions sold, totaling more than 300,000 subscriptions.
"Over this past year, video telematics pivoted from being a nice-to-have to a must-have among commercial and public sector fleets," said Brandon Nixon, Lytx chairman and CEO. "This new chapter will allow us to significantly expand the portfolio of services delivered to our growing installed base, and give us the room to deliver a broader variety of actionable data to help our clients solve tough business problems."
The Lytx executive leadership team will continue in their roles, and Nixon will remain chairman of the board and CEO.