SAN DIEGO, April 12, 2016 /PRNewswire/ -- SmartDrive Systems, a leader in driving performance solutions that reduce collisions and improve fuel efficiency, today announced business results and operating highlights for fiscal year ending March 31, 2016. The company's record setting organic growth of 100 percent year-over-year was driven by continued product innovation, strategic partnerships, and unmatched customer satisfaction across key transportation vertical markets and fleets of all sizes. According to industry analyst firm Frost & Sullivan, the Video Safety Solutions market is only 0.46 percent penetrated—pointing toward significant untapped opportunity. The firm notes that advanced driver assistance programs and telematics integration, 360-degree camera views, extended recording and predictive 'big data' analysis are gaining importance in fleet video solution decisions and will factor in market growth over the next two to five years. SmartDrive is the only platform that offers all four of these capabilities today.
"It was another banner year for SmartDrive. We clearly see a tipping point in the industry as fleets have shifted their perspective on video programs and are aggressively moving to identify and roll out the best fit for their fleet," stated Steve Mitgang, CEO of SmartDrive. "Over the last year, we've experienced a significant increase in demand from innovative fleets looking for a solution that unlocks new opportunities to improve operating margins and overall fleet efficiency. Those fleets are choosing SmartDrive's open video analytics platform as the foundation of that strategy. With less than 1 percent of the market having adopted any solution, we are excited about our growth prospects in the coming years," stated Mitgang.
Operating and Company Highlights:
- Recorded 100 percent organic subscription growth year-over-year
- Achieved a record 4th Quarter performance with 330 percent growth over the same period in the prior year and 170 percent growth over the prior quarter
- Tripled the customer base over the prior two years and had strong growth at existing customers with expanded subscriptions and adoption of additional service offerings
- Leading fleets across a variety of industry categories adopted the solution, including: Averitt Express, Mesilla Valley Transportation, Access Services, American Waste Control, Cypress Truck Lines, D.M. Bowman, Dunbar Armored, Inc., EnviroSolutions, Fraley & Schilling, Fortune Transportation, Holland Enterprises, Giltner, J. Grady Randolph, LTI Trucking Services, Pride Transport, Professional Auto Transport, Nussbaum, Q Carriers, Skyline Transportation, SP+, The Britt Hunt Company, Traffic Management and WW Transport
- Ranked, for the second consecutive year, as one of the fastest growing companies in Deloitte's Technology Fast 500
- Expanded EMEA operations and appointed industry-veteran, Aidan Rowsome, as general manager
- Added safety thought leader and industry veteran Don Osterberg to board of advisors
- Received the Customer Value Leadership Award for Video Safety Solutions from noted industry analyst firm Frost & Sullivan
- Named among the "Best Places to Work" by the San Diego Business Journal
Impact to Customers
- Captured, reviewed, alerted and delivered customer video within two hours of a collision for over 75% of collisions captured—ensuring fleets had fast access to video when they need it most
- Saved customers an average of $4,903 per vehicle per year—with annual per vehicle savings of $1,878 in collision exoneration, $1,784 in collision cost reduction, and $1,240 in fuel expense
Strategic Initiatives and Product Innovation
- Announced the SmartChoice Program, the only video-based safety program that provides fleets the freedom to choose the level of video protection that best aligns with their specific business priorities
- Released SmartDrive Rail, the industry's first video safety program that supports agencies' efforts to comply with detailed regulations including the only solution that complies with CPUC GO 172
- Awarded 15 new patents, bringing the overall portfolio to 132 issued and pending patents
- Announced Transportation Intelligence strategic initiative delivering new, untapped opportunities for fleets to improve efficiency, reduce costs, and improve overall financial performance
- Announced, with strategic partner WABCO, the industry's first and only lane departure warning system (LDWS) capable of video analytics and combining previous functionalities of two cameras into one, offering fleets 'best of breed' LDWS from OnLane and video analytics from SmartDrive
Customer Comments in the News
"Following our competitive pilot of multiple video safety solutions, we selected SmartDrive because it clearly offered the best value for our investment, based on its demonstrated ability to improve safety, proven innovation in video-based analytics, access to video within minutes and outstanding customer support," stated Royal Jones, president, Mesilla Valley Transportation
"As we were evaluating options available in the market, SmartDrive was the clear front-runner in terms of ROI," noted Kent Kelly, general manager of Fortune Transportation.
"In our evaluation of video-based safety solutions, we were particularly impressed with SmartDrive's team of safety experts, who were clearly committed to the success of our program," stated Todd Davis, president of Davis Transfer Company.
"By applying video analytics to driver behavior and combining that with an approach to data science that is tuned to transportation, SmartDrive is generating a step-function change that will materially impact fleets across their operations," stated Transportation Advisor Don Osterberg.
"Overall, Frost & Sullivan's independent analysis of the safety solutions market clearly shows SmartDrive's extensive product offering, backed by ground-breaking analytics, review, and coaching services, makes it unique in the video safety solutions market," said Frost & Sullivan Research Analyst Krishna Chaithanya.
About SmartDrive Systems
SmartDrive Systems, the recipient of Frost & Sullivan's Customer Value Leadership Award for Video Safety Solutions, gives fleets and drivers unprecedented driving performance insight and analysis, helping save fuel, expenses and lives. Its video analysis, predictive analytics and personalized performance program help fleets improve driving skills, lower operating costs and deliver significant ROI. With an easy-to-use managed service, fleets and drivers can access and self-manage driving performance anytime, anywhere. The Company, which is ranked as one of the fastest growing companies by Deloitte's Technology Fast 500™, has compiled the world's largest storehouse of more than 140 million analyzed risky-driving events. SmartDrive Systems is based in San Diego, Calif., and employs over 500 people worldwide.
For more information on SmartDrive Systems, please visit www.smartdrive.net.
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SOURCE SmartDrive Systems