Complete Innovations, a provider of fleet telematics services, has received an investment from Madison Dearborn Partners. The investment, which is the second institutional financing since CI’s inception in 2000, will provide liquidity to CI’s current shareholders, primarily for its prior institutional investor, Symmetric Capital.
Complete Innovations (CI) is a provider of fleet, asset and mobile workforce management services to over 4,000 customers worldwide. The company’s Fleet Complete platform enables customers to monitor the real-time locations of their fleets, mobile workers and other valuable assets. The company was founded in 2000 and is based in Markham, ON (www.fleetcomplete.com).
“Our industry is at an inflection point with considerable growth potential, and CI is well positioned to capitalize on this opportunity by continuing to deliver mission-critical mobile resource management services,” said Tony Lourakis, co-founder and CEO of CI. “With less than a third of companies with fleets, mobile assets and workers using technology like ours today, we see great potential that the remaining two-thirds will use this technology by the end of this decade. Madison Dearborn’s strategic guidance and capital will help us leverage our differentiated product offering, accelerate our growth in North America, and pursue expansion in other geographies and new channels.”
“CI is an attractive and expanding technology business delivering critical solutions to a growing customer base, and we are excited to join the team,” said Doug Grissom, a Managing Director at Madison Dearborn and head of the firm’s Business and Government Services team. “We look forward to supporting Tony and his colleagues by applying our expertise and resources to ensure CI continues on its strong growth trajectory.”
Madison Dearborn Partners has more than $18 billion of capital under management. Sectors of interest include basic industries; business and government services; consumer; financial and transaction services; health care; and telecom, media and technology services. Madison Dearborn was founded in 1992 and is based in Chicago (www.mdcp.com).
Evercore acted as exclusive financial advisor to Complete Innovations.
© 2014 PEPD • Private Equity’s Leading News Magazine • 9-2-14