OAKLAND, Calif., Jan. 20, 2015 /PRNewswire/ -- CIP Capital, a middle-market private equity fund, announced the formation of eDriving LLC (the "Company"), the leading provider of online driver's education, defensive driving education, behind-the-wheel training and fleet driving safety. eDriving was created by the strategic combination of I Drive Safely, a CIP Capital portfolio company, and DriversEd.com, the leading provider of online and behind-the-wheel driver education solutions to teenagers, in the second half of 2014. The Company will be located in Oakland, CA and Carlsbad, CA with local offices throughout the United States.
With more than 10 million customers to date and 400 employees worldwide, eDriving is the largest provider of online driver education and training solutions to consumers and corporations through its I Drive Safely and DriversEd.com brands, providing online driver training solutions in all 50 states and Canada. The Company is uniquely positioned at the convergence of several key trends: the growth of online education, the exploding marketplace connecting drivers to new business models, the growth of apps and wearable devices to capture and control personal data and behavior, and the growing public focus on mitigating distracted and unsafe driving. In addition to online course delivery, the Company also has more than 110 DriversEd.com branded cars providing behind-the-wheel instruction—the only national provider offering first-time drivers a bundled solution consisting of online driver education and behind-the-wheel driver training. The Company also has a growing presence in the corporate fleet training market, with an initial focus on small to medium sized fleets. The combination will accelerate eDriving's launch of next-generation content, telematics and technology solutions to students and their parents, adult drivers, contract drivers, corporations and insurance companies. It will also enable the Company to better serve students and corporate and academic partners immediately with an expanded portfolio of courses, broader reach, and combined domain expertise.
The Company also announced a series of management additions in conjunction with the creation of eDriving. Celia Stokes joined the Company in January 2015 as Chief Executive Officer. Ms. Stokes most recently served as the interim President of Envision Experience. She spent the previous eight years as EVP and Chief Marketing Officer at K12 Inc., a leading provider of online education curriculum and technology solutions to students and state and local governments. Ms. Stokes brings more than 25 years of executive leadership and strategic marketing experience with a primary focus on the education, online marketing, travel and e-commerce industries. "I am excited to lead eDriving and accelerate growth through the combination of the two leading brands in a very dynamic market," Ms. Stokes said. "We are extremely well positioned against the fascinating 'drivatization' trend happening not just in the US but around the world that is delivering driving-centered business models at a pace and scale unimaginable a few years ago. Our mission is to offer a full suite of solutions that maximize road safety and enhance personal control of driver behavior and data. We will be the compelling choice for teenagers, adult drivers, contract drivers, corporations, regulatory agencies, insurance companies and the myriad other potential partners interested in this rapidly evolving ecosystem of drivers, cars and business models dependent on road safety."
In addition, the Company announced that Lowell Orelup has joined as Chief Marketing Officer. Mr. Orelup brings over 20 years of leadership experience within technology driven sales and marketing companies, most recently serving as VP of Marketing for Lending Tree, a leading online lender exchange.
George Montgomery, the previous CEO of I Drive Safely, has been named as Chairman of the Board of eDriving and will partner with Ms. Stokes and the Board to execute the Company's long-term strategy. Mr. Montgomery stated: "I look forward to working with Celia and the rest of the management team as they build out the team and lead the Company into its next phase of growth."
eDriving is the leading provider of online driver education and behind-the-wheel training solutions serving teenagers, adults, contract drivers and corporations. The Company also partners with leading brands to help them deliver relevant products and services within the rapidly expanding marketplace that connects drivers to new business models dependent on road safety. For more information, visit www.edriving.com.
About CIP Capital:
CIP Capital is a New York based private equity firm focused on investing in growth-oriented, middle-market companies across the Business Information and Outsourced Services markets in North America. The fund seeks to invest in proven, profitable businesses that provide their customer bases with critical information, proprietary content and value-added outsourced services. Targeted sectors for investment include: B2B information management, marketing services, business process outsourcing, and knowledge services. For more information please visit: www.cip-capital.com.