Francisco Partners Exits NexTraq
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Francisco Partners Exits NexTraq

nexttraq nfFrancisco Partners has completed the sale of its portfolio company NexTraq, a provider of fleet tracking and related services, to FleetCor Technologies.  NexTraq is a provider of fleet management applications and services to small and mid-sized fleets.

NexTraq® is a cloud-based application that enables businesses to optimize fleet operations while reducing operational costs and maximizing revenue. Francisco Partners acquired NexTraq (then known as Discrete Wireless) in 2009. Under Francisco Partners’ ownership, the business grew more than 20 percent annually and today serves more than 100,000 subscribers. NexTraq was founded in 2000 and is based in Atlanta (www.nextraq.com).

“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.

FleetCor (NYSE:FLT) is a provider of fuel cards and workforce payment products to businesses. FleetCor’s payment programs are used by businesses to better control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. FleetCor serves commercial accounts in North America, Latin America, Europe, and Australasia. The company is based in Norcross, GA (www.fleetcor.com).

“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.

Francisco Partners makes investments in technology companies with transaction values ranging from $50 million to $2 billion. Transaction structures include buyouts, divisional divestitures, recapitalizations, restructurings and growth equity financings. Francisco Partners is headquartered in San Francisco (www.franciscopartners.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 10-31-13

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