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Madison Dearborn Invests in Complete Innovations

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fleet complete nf1Complete 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.”

doug grissom nf1“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

Vista Equity Partners Acquires XRS

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xrs nf1Omnitracs, a provider of fleet management services to transportation and logistics companies and a portfolio company of Vista Equity Partners, has agreed to acquire XRS Corporation, a provider of mobile fleet optimization software, at an equity valuation of $178 million.  Omnitracs expects to complete the acquisition in the fourth quarter of 2014.

XRS (NASDAQ: XRSC) provides software that is used by trucking companies to manage their fleets, comply with regulations, and reduce operating costs. The company’s mobile solutions have no upfront hardware costs and run on smartphones, tablets and other handheld devices.  XRS has sales and distribution partnerships with major wireless carriers supporting the US and Canadian trucking industries. The company is based near Minneapolis in Eden Prairie (www.xrscorp.com).

Omnitracs is a provider of fleet management services including software applications, information services, and hardware platforms for private and for-hire fleets.  The company’s products are used for safety and compliance, fuel efficiency, driver retention, fleet productivity, GPS fleet tracking, and fleet maintenance.  Omnitracs serves more than 2,500 private and for-hire fleet customers and more than 270,000 vehicles throughout North American and Latin America.  Omnitracs is headquartered in San Diego (www.omnitracs.com).

Vista Equity Partners acquired Omnitracs from Qualcomm in August 2013 for $800 million.  In December 2013, Omnitracs acquired Roadnet Technologies, a provider of fleet management software to private fleets. Other previous acquisitions include Sylectus and FleetRisk Advisors, which is now Omnitracs Analytics.

“This agreement to purchase XRS represents another milestone in the renewed growth of Omnitracs and further demonstrates our continued commitment to retaining and advancing our position as the leading software provider within the transportation and logistics industry,” said John Graham, CEO of Omnitracs.

Vista Equity Partners has more than $13 billion in committed capital and makes equity investments in enterprise software businesses and technology-enabled services companies. The firm was founded in 2000 and has over 50 investment professionals operating out of San Francisco, Chicago and Austin (www.vistaequitypartners.com).

Committed financing for the transaction is being provided by Royal Bank of Canada, Credit Suisse, and Guggenheim Partners.

Jefferies acted as financial advisor to Omnitracs and William Blair acted as financial advisor to XRS Corporation.

© 2014 PEPD • Private Equity’s Leading News Magazine • 9-2-14

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