Accel-KKR, a tech-focused private equity firm with over $10 billion of assets under management, announced that it has acquired GPS Insight, a fleet management software company. Founded in 2005, GPS Insight is a provider of SaaS-based fleet management software and complementary solutions for Class 3-6 fleets in the United States and Canada.
Simultaneously, Accel-KKR announced the merger of GPS Insight (“GPSI”) with InSight Mobile Data (“IMD”) and Rhino Fleet Tracking (“Rhino”). IMD and Rhino are Accel-KKR portfolio companies focused on fleet management, field services, and GPS tracking. Gary Fitzgerald, CEO of GPS Insight, will continue in his leadership role as CEO of the combined businesses.
“Fleet owners continue to grapple with the need to optimize investments in their people and their fleet while providing a high level of customer service and ensuring driver safety and compliance,” said Gary Fitzgerald, CEO of GPS Insight and the CEO of the combined businesses. “The GPS Insight platform is bringing exciting changes to the industry such as video telematics, tighter integration to field service management, and advanced analytics that transform what fleet management software is capable of doing. Partnering with an experienced software investor like Accel-KKR and combining forces with IMD and Rhino will give our company a broader platform to capitalize on these trends and give our customers new tools to manage their businesses more efficiently and save them money.”
The global fleet management market is poised to reach $34 billion, according to industry studies. Together, GPS Insight, IMD, and Rhino serve over 11,000 accounts spanning more than thirty industries and over 225,000 vehicles. Customers from national enterprise accounts, government entities, energy, utilities, to small field services teams rely on GPSI, IMD, and Rhino for a wide range of mission-critical tasks including GPS tracking, fleet utilization, scheduling and dispatching, and driver safety and compliance. Broader technology adoption such as 5G and connected devices coupled with an increased need for operational productivity have driven customer demand for single-suite technology platforms with highly extensible solutions for any size of fleet.
“We are thrilled to bring these businesses together with a unified vision of what the next best-in-class leader in fleet management can deliver in the marketplace,” said Dean Jacobson, managing director of Accel-KKR. “Fleet, field, cameras, analytics: these are all converging to provide actionable insights and deliver significant value to customers. We believe the platform comprising GPSI, IMD, and Rhino will be poised to be a powerful, single-point solution leader in the industry.”
“The combined businesses have the right scale, talent, and resources to capitalize on a key industry inflection point – be it through organic growth and strategic acquisitions,” said Phil Cunningham, operating executive at Accel-KKR. “We look forward to working closely with the leaders and teams of all three businesses in the coming weeks and months to build the market-leading platform that brings together the best in fleet management and field services management.”
“The merger with GPS Insight accelerates a number of initiatives that would have taken great effort and time to achieve if pursued organically, and I am convinced that the combined company is poised for success,” said Steven Van Ooyen, CEO of both Rhino and IMD.
DC Advisory served as financial advisor to GPS Insight.