CHICAGO, Feb. 18, 2016 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that it has signed a definitive agreement to acquire Lytx, Inc. ("Lytx" or the "Company"). Lytx (formerly known as DriveCam) is the leading provider of video telematics that help commercial and public sector fleets improve driver behavior and reduce collisions and collision-related expenses.
GTCR will partner with CEO Brandon Nixon and the current management team as they continue to grow and develop the Company's customer base and service offerings. The Company was founded in 1998 and pioneered the video-based driver safety industry. Lytx is headquartered in San Diego, California.
Lytx serves more than 1,400 commercial and government fleet customers worldwide, including some of the largest commercial fleets in the world. The Company enables its clients to realize significant return on investment by lowering operating and insurance costs, while achieving greater efficiency, safety and compliance.
"Brandon and his team have built an exceptional business that repeatedly delivers strong and quantifiable returns on investment to its customers," said GTCR Managing Director Phil Canfield. "We are excited to be partnering with them for their next chapter of growth."
"Video telematics – the category we created nearly two decades ago – has so much potential to deliver substantial cost savings to commercial and public fleets, and make our roadways safer," said Mr. Nixon. "We have a vision for expanding our breadth of video telematics services and GTCR is the perfect partner to see us through this phase of our long-term growth strategy."
Mark Anderson, Managing Director at GTCR, added: "The acquisition of Lytx is a great example of leveraging GTCR's expertise in investing in companies with hard-to-replicate data and highly valuable workflow applications. This transaction also highlights GTCR's continued enthusiasm for investing in market-leading companies with substantial whitespace opportunities."
The transaction is expected to close in the first quarter of 2016, subject to customary regulatory approvals.
Evercore served as financial advisor to GTCR, Kirkland & Ellis LLP provided legal counsel and PricewaterhouseCoopers served as accounting advisor. Rothschild served as financial advisor to Lytx and Ropes & Gray LLP provided legal counsel.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ - finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $12 billion in over 200 companies. For more information, please visit www.gtcr.com.
At Lytx® we harness the power of data to change human behavior and help good companies become even better. Our flagship product, Lytx DriveCam™ sets the standard for driver safety in the industries we serve, and our RAIR® Compliance Services helps DOT-regulated fleets comply with safety regulations, complementing the DriveCam® Program. Lytx ActiveVisionSM service helps detect and address distracted and drowsy driving, both in real time and over time. We protect more than 1,400 clients worldwide who drive billions of miles. We enable our clients to realize significant ROI by lowering operating and insurance costs, while achieving greater efficiency and compliance. Most of all, we strive to help save lives – on our roads and in our communities, every day. Lytx is privately held and headquartered in San Diego. For more information, visit www.lytx.com, @lytx on Twitter, or on our YouTube channel.