Clearlake Capital Group Invests In Lytx
Clearlake joins existing investor GTCR to support accelerated growth at leading video telematics provider
SANTA MONICA, Calif. and SAN DIEGO and CHICAGO, April 6, 2018 /PRNewswire/ -- Lytx, Inc. ("Lytx"), the global leader in video-based telematics and analytics to fleets worldwide, today announced that it has entered into a new investment partnership with Clearlake Capital Group, L.P. (together with its affiliates, "Clearlake").
Clearlake is partnering with GTCR LLC ("GTCR"), Lytx's CEO Brandon Nixon, and the current management team as they continue to protect more than 850,000 drivers and grow their half a million subscriber base. Headquartered in San Diego, CA, Lytx was founded in 1998 and pioneered the video-based driver safety industry. Today, Lytx harnesses the power of video and data to enable fleets to improve safety, efficiency, and profitability.
"Throughout our partnership with GTCR, Lytx has successfully accelerated revenue growth, delivered significant innovation, and partnered with some of the largest fleet operators in the world," said Nixon. "Our team looks forward to partnering with GTCR and Clearlake as co-sponsors and will benefit from their deep software expertise. The combination of these two leading strategic investors will provide the resources needed to enable us to innovate in new ways and help our clients solve their most pressing business challenges."
Lytx serves more than 3,000 commercial and government fleets that log billions of miles worldwide each year, including some of the largest commercial fleets in the world. The company enables its clients to realize significant returns on investment by lowering operating and insurance costs, while achieving greater efficiency, compliance, and safety. Driven by constant innovation and dedication to extraordinary customer service, Lytx continued to set the pace as the market leader in video telematics, a category it pioneered 20 years ago. In 2017, Lytx became the first company in the history of video telematics to sell 300,000 new subscriptions over a three-year period, reaching half a million total subscriptions, more than any other video telematics company in the world.
"As the clear category leader, Lytx is well positioned to leverage its unmatched technology and analytics capabilities to lead accelerated adoption within the growing video telematics market," said Behdad Eghbali and José E. Feliciano, Co-Founders and Managing Partners of Clearlake. "We are impressed by Lytx's strong client value proposition and significant innovation driven by this management team. Clearlake is thrilled to join two outstanding partners in Brandon and GTCR, and we look forward leveraging our O.P.S.® approach to support Lytx in continuing to provide a world-class video telematics solution."
"Since partnering with Lytx, the company has continued to innovate and continues to provide a clear ROI that resonates with commercial and government fleets worldwide," said Phil Canfield, a Managing Director at GTCR. "It has been a pleasure to partner with and support Brandon and the team, and we look forward to the partnership with Clearlake."
Rothschild served as the exclusive financial advisor to Lytx and GTCR. Morgan Stanley & Co. LLC and Evercore Group served as financial advisors to Clearlake.
About Lytx
At Lytx® we harness the power of video to transform fleets with improved safety, efficiency, productivity, and profitability. Our flagship service, the Lytx DriveCam® video safety program, sets the standard for driver safety in the industries we serve. The Lytx Video ServicesSM program delivers a highly configurable user interface to provide fleet managers unparalleled visibility into their fleet operations, both in the moment and up to a week later. RAIR® Compliance Services helps DOT-regulated fleets comply with safety regulations, complementing the DriveCam® Program. Lytx ActiveVision® service helps fleets detect and address distracted and drowsy driving, both in real time and over time, and additional services offer virtually limitless solutions for fleets and field operations of any profile. We protect more than 3,000 commercial and government fleet clients worldwide who drive billions of miles each year. 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 our Facebook page or YouTube channel.
About Clearlake
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are software and technology-enabled services; industrials and energy; and consumer. Clearlake has managed over $7 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.
About GTCR
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Growth Business Services, Technology, Media & Telecommunications, Healthcare and Financial Services & Technology 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 $15 billion in over 200 companies. For more information, please visit www.gtcr.com.
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SOURCE Clearlake Capital Group
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