CHESTERFIELD, Mo., Feb. 27, 2019 /PRNewswire/ -- Agilis Systems, the leader in SaaS-based telematics and tracking solutions enabling businesses to manage their mobile fleets and most valuable assets, today announced a significant investment from Spectrum Equity, a growth equity firm focused on partnering with businesses that play mission-critical roles in the information economy. This investment positions Agilis Systems to extend its leadership position among small and mid-sized fleets and expand its tracking solutions across additional vertical markets. In conjunction with Spectrum Equity's investment, Drew Reynolds, experienced IoT and telematics executive, will join Agilis Systems' board of directors.
Agilis has aggressively grown its customer base by delivering innovative vehicle and asset tracking solutions through market-leading brands including Linxup and AwareGPS. The company employs an intuitive platform that collects billions of real-time data points every month, directly helping customers reduce fuel costs, improve employee safety and compliance, prevent theft and boost productivity. An increasingly diverse mix of customers is realizing these benefits by applying Agilis' IoT solutions to their businesses in verticals such as trucking, construction, equipment rentals, home services and more. Key features include track and trace, geofencing, diagnostic trouble codes, event-based alerts, temperature monitoring and driver safety scoring.
"We're extremely proud of how rapidly and profitably we've grown our business over the last several years and we are thrilled that Spectrum Equity has validated our efforts with their investment," said Agilis Systems CEO Paul Inman. "We've created and deployed robust vehicle and asset tracking solutions across key markets and our customers are adopting our unique platform to track a broad range of valuable, mobile assets for their businesses."
Agilis currently tracks more than 165,000 devices for more than 45,000 customers who count on its solution to run their businesses every day. Spectrum Equity's experience scaling leading subscription businesses will allow Agilis to take advantage of the large market opportunity, estimated to be $2.5 billion by 2023, that lies open to the company and continue to build on its consistent history of efficient growth.
"We are delighted to partner with Agilis and its outstanding management team. The company's solutions illuminate valuable operational data that many businesses could not easily or affordably access in the past," said Jake Heller, Spectrum Equity. "Agilis offers elegant, robust solutions to address a wide range of tracking needs and business objectives, and we are excited to help the company continue to broaden its solutions and solidify its differentiated position within the broader telematics market."
Vic Parker of Spectrum Equity added, "We see the Agilis platform as potentially transformational for businesses with distinct needs and asset tracking use cases that legacy telematics solutions have not effectively addressed. We look forward to supporting the company's commitment to making IoT solutions accessible and functional for growing businesses with the help from additional channel partnerships and product integrations."
As part of this transaction, Vic Parker, Jake Heller and Adam Gassin from Spectrum Equity will join Agilis Systems' board of directors.
DH Capital advised Agilis Systems and Webster Bank provided debt financing in the transaction. Financial terms of the transaction were not disclosed.
About Agilis Systems Agilis Systems is a leading provider of fleet and asset tracking solutions tailored to the needs of small to mid-sized service companies and fleets. The company offers robust location-based solutions through a software-as-a-service (SaaS) platform that gives businesses the tools they need to improve fleet management, increase mobile worker productivity and reduce operating costs. Agilis was ranked No. 2,046 on the Inc. 5000 for 2018 and at No. 363, was the only company on the Deloitte Technology Fast 500 headquartered in Missouri. Services are offered through highly recognized brands such as Linxup, AwareGPS and MOTOsafety and include FMCSA-certified electronic-log solutions to meet the federal ELD mandate. For more information, visit www.agilissystems.com.
About Spectrum Equity Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading software, information services and internet companies. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, GoodRx, Grubhub, Jimdo, Lynda.com, SurveyMonkey, Teachers Pay Teachers and Verafin. For more information, visit www.spectrumequity.com.