PALATINE, Ill., July 31, 2017 /PRNewswire/ -- MVTRAC, a leading provider of license plate recognition (LPR) software and data solutions for auto financing and asset recovery agencies, announced the closing of a growth recapitalization of the company with Bison Capital Asset Management, LLC ("Bison Capital").
MVTRAC's patented LPR solutions allow its customers to achieve significant improvements in productivity and efficiency and enhance compliance. Bison Capital's investment will allow MVTRAC to accelerate its growth by expanding its sales and client service resources to enhance its technology suite and pursue acquisitions. With the investment, MVTRAC Founder Scott A. Jackson will remain as Chairman of the Board with Luke Smith, current President of MVTRAC, elevated to become the company's senior executive officer.
MVTRAC has established a leading national network of agents utilizing MVTRAC's solutions along with one of the largest LPR databases and analytics labs serving the auto financing market. By focusing on providing high-quality customer service, training and support for its innovative LPR solutions, MVTRAC enables its customers to demonstrably improve their recovery rates, reduce days-to-recovery and increase their profitability. Additionally, MVTRAC's integrated business process management software helps its customers improve compliance with regulatory and client requirements by automating verification and documentation, and minimizing human contact in the auto location and recovery process. These advantages have allowed MVTRAC to maintain its impressive customer satisfaction and retention rates, as well as continue to scale its national network of agents and LPR database. As a result, MVTRAC is uniquely positioned to service the portfolio requirements of the largest financial institutions in auto financing. Bison Capital's growth investment will be used to help add new auto financing companies, expand its national network of asset recovery agencies, and strengthen its portfolio of LPR technology and software solutions.
"Our management team is excited for the opportunity to partner with a supportive, forward-thinking investment firm of Bison's caliber," says Luke Smith, President of MVTRAC. "A common vision for the strategic direction and vast potential of MVTRAC was the primary driver behind our partnership and we are confident that this alignment will significantly augment MVTRAC's mission to provide our customers with high-utility, innovative LPR data and technology solutions across a multitude of platforms."
"We are excited to be partnering with MVTRAC and its outstanding management team as they continue to enhance their innovative line of LPR products and services and expand their market presence," stated Andreas Hildebrand, Partner at Bison Capital. "MVTRAC has established tremendous momentum in the LPR space and we look forward to helping it realize its full potential in this unique market."
Scott A. Jackson, MVTRAC Chairman, shared a similar positive outlook regarding the future of the organization that he founded, "After 27 years of building the business to its current position as an industry leader with a rapid growth trajectory, it is time for me to begin enjoying life as a recovering workaholic. I have absolute confidence in Luke and the management team to expand on my vision for MVTRAC's growth and consequently, it is our valued clients and agents that will benefit the most as MVTRAC continues to push the limits of LPR capabilities."
Jackson continued, "While I will be stepping away from the daily operations of MVTRAC, the recapitalization will enable me to focus on M&A opportunities and expanding our dynamic intellectual property portfolio. The opportunity to leverage Bison's capital and resources to further accelerate MVTRAC's growth is genuinely exciting."
ABOUT MVTRAC Home of The Intelligent Data Network™, MVTRAC is the leading provider of on-demand data solutions for automotive finance, government and law enforcement organizations. Data aggregated by MVTRAC does not contain personal information and is legally gathered in publicly accessible areas. For more information about how MVTRAC can solve your LPR data and technology needs, please visit www.mvtrac.com.
ABOUT BISON CAPITAL Bison Capital Asset Management, LLC, based in Los Angeles and New York, specializes in structured capital investments in middle-market growth companies, providing capital for expansion, acquisitions and balance sheet recapitalizations. The firm's primary investment focus is partnering with owners, entrepreneurs and management teams seeking capital to grow their businesses. Further information is available at www.bisoncapital.com.