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Greenbriar Equity Group Invests in Vehicle Telematics Provider Spireon

| October 15, 2018

cars and trucks on highway,

Spireon, a vehicle intelligence company, has selected Greenbriar Equity Group, L.P. (Greenbriar), a New York-based private investment firm, as its new equity partner. With over $3.5 billion in capital and investments in the global transportation and logistics industries, Greenbriar becomes the primary investor in Spireon as a result of the transaction.

“Spireon is the leader in vehicle analytics and telematics solutions in the U.S., with a strong foothold in the automotive and commercial transportation sectors, which makes the company a natural fit with our portfolio of transportation and logistics companies,” stated Michael Weiss, Managing Director at Greenbriar.

Greenbriar has close to 20 years of experience investing in and supporting market-leading manufacturing and services businesses in partnership with proven management teams. Spireon fits with Greenbriar’s successful track-record of backing rapidly growing technology-enabled businesses. Its decision to invest in Spireon reflects Greenbriar’s deep understanding of Spireon’s end markets and high level of confidence in the company’s business strategy and execution abilities.

In August, Spireon reported growth within all segments of their business during the first half of 2018, including a 65 percent increase in device shipments to franchise auto dealers, 36 percent increase in revenues from the trailer segment, and 45 percent increase in device shipments to the SMB fleet market year over year.  So far, the company has announced five new solutions this year, as well as a new partnership with Ford Commercial Solutions to integrate Ford telematics data with Spireon’s FleetLocate solution. Further, Spireon has received six industry awards in 2018, including two Compass Intelligence awards for IoT Vehicle Telematics Company of the Year and IoT Innovator in Auto Dealer Management, and two Stevie® awards for Customer Service Department of the Year and New Product of the Year (NSpire 3.0).

 

 

Financial terms of the transaction were not disclosed.

Category: Connected Fleet News, General Update, News

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