Navman Wireless Named to Forbes List of America's Most Promising Companies

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GLENVIEW, Ill, Dec. 6, 2011 /PRNewswire/ -- Navman Wireless, a developer of GPS-based fleet tracking systems for corporate and construction vehicle fleets, has been named to Forbes' just-released list of America's Most Promising Companies (www.forbes.com/ampc). The list features 100 privately held up-and-comers with compelling business models, strong management teams, notable customers, strategic partners and precious investment capital.

Navman Wireless earned the #65 slot in the Forbes ranking with revenues of $67.9 million (the fifth highest on the list) and 263 employees (the seventh largest) in fiscal year 2010. The company is one of the world's largest providers of fleet optimization products and services with systems installed in more than 130,000 vehicles on five continents.

Customers use Navman Wireless' flagship OnlineAVL2 fleet tracking platform to monitor vehicle location in real time as well as reduce fuel, labor and vehicle operating costs. System maps and reports, delivered under the Software-as-a-Service model, assist in fleet management by pinpointing problems such as idling, inaccurate timesheets, unauthorized stops and personal vehicle usage as well as improving dispatch efficiencies and optimizing maintenance schedules.

The company is based in suburban Chicago with offices around the world. It is the only Illinois-based business to be recognized on the prestigious Forbes roster.

"Sizing up younger, privately held companies is hard. Their fortunes can change very quickly and there's a dearth of public data," says Forbes Executive Editor Brett Nelson. "We took a more comprehensive approach to evaluate their health and potential."

To sharpen its search, Forbes teamed up with CB Insights, a Manhattan-based data firm that tracks investment in high-growth private companies. With $650,000 in grants from the National Science Foundation, CB has developed complex software called Mosaic that mines myriad online sources (from press releases and social networks to job boards and court filings) to come up with one algorithmically derived score that measures a private company's health. Forbes married Mosaic's data-crunching with old-fashioned reporting to assemble a list of rising stars with bright growth prospects.

"Relatively few people outside the fleet community know what fleet tracking is, but it's a vital tool for minimizing costs and maximizing profits in fleet operations," said T.J. Chung, CEO of Navman Wireless. "Our appearance on Forbes' America's Most Promising Companies list reflects the value of our technology, our growing footprint, and the financial and management strengths that are fueling our growth."

The Forbes recognition was the second honor in a month for Navman Wireless. In early November, the company won a Chicago Innovation Award for developing the industry's first combined on- and off-road vehicle tracking platform by combining its OnlineAVL2 software with the new GPS-based Qtanium 300 in-vehicle hardware specifically designed to withstand the harsh construction environment. Construction contractors can save millions of dollars annually by using Qtanium-supplied data to reduce fuel consumption, optimize maintenance schedules, monitor job costs, and improve overall operations.

About Navman Wireless

Navman Wireless is a global leader in GPS-based fleet optimization products and services, including real-time vehicle tracking and analytics delivered under the Software-as-a-Service (SaaS) model as well as OEM GPS solutions that enable companies to track, monitor and communicate with their movable and fixed equipment assets. The company's technology currently monitors more than 130,000 vehicles owned by over 13,000 organizations worldwide, making Navman Wireless one of the world's largest fleet management providers with coverage on five continents. Navman Wireless is based in Glenview, IL, with facilities in the U.S., Mexico, UK, Italy, Taiwan, Ireland, Singapore, China, New Zealand and Australia. For more information, visit www.navmanwireless.com.

SOURCE Navman Wireless