Telematics Remains Hot as Investments in Lytx Grow

Lytx, a  leader in video telematics, announced that Clearlake Capital Group, L.P. , HarbourVest Partners, Public Sector Pension Investment Board and Guggenheim Investments are joining control shareholder GTCR as investors in the company.

The transaction establishes an enterprise value in excess of $1.5 billion for Lytx and raises over $700 million in capital. Together with GTCR, the new investors are committed to continuing the expansion of the company and supporting its culture of client-centric innovation.

Having catalogued and analyzed more than 80 billion miles’ worth of driving data –– Lytx has well documented expertise when it comes to identifying new ways to help clients solve their most pressing business challenges.

“This investment comes at a critical phase in the evolution of data and video telematics and is perfectly timed with the next wave of Machine Vision and Artificial Intelligence services for fleets,” said Lytx Chairman and CEO Brandon Nixon. “We are now poised to leverage this technology, along with our vast amount of driving data, to help our clients solve their toughest operational problems, and keep their workers safe.”

Last year, Lytx reached new heights in the video telematics industry by selling 300,000 new subscriptions over a three-year period, reaching half a million total subscriptions. In a recent report, industry research firm Frost & Sullivan reported Lytx market share at more than 60 percent.

“Lytx has continued to set the pace as the market leader in video telematics, a category it established two decades ago,” said Clearlake’s Co-Founders and Managing Partners, Behdad Eghbali and José E. Feliciano. “With the versatility of video and the power of predictive analytics, Lytx’s DriveCam program has become an industry standard in commercial transportation. With their drive for continual innovation, dynamic company culture, and dedication to extraordinary customer service, they are uniquely poised to break through the next threshold of video technology. We are thrilled to form a long-term partnership with Lytx and look forward to supporting the company during their next phase of growth.”

“When we acquired Lytx in 2016, we knew that they would transform the category of video telematics,” said GTCR Managing Director, Phil Canfield. “Lytx had a record year in 2017. They sold more subscriptions than any video telematics company in the world, and launched a solution that went beyond safety to target the operational blind spots that keep fleets from being their most productive and profitable. We are committed to a long-term partnership with Lytx, and we are confident that their record breaking growth will continue.”

The Lytx executive leadership team will continue in their roles, and Nixon will remain chairman of the board and CEO.