San Diego, California-based Lytx Inc. announced that it has signed an agreement to be acquired by private equity firm GTCR in an all-cash transaction of more than $500M. The deal is expected to close in the first quarter. Founded in 1998, Lytx provides solutions that help improve the safe fleet driving behavior of over 1,400 clients in various markets including government, construction, distribution, services/utilities, transit, trucking, and waste. The company's flagship offering is DriveCam which helps improve driver behavior and reduce operating costs by integrating intelligent video capture of driving events, personalized data-backed coaching insights, fleet tracking, and fuel management. While we don't have an exact revenue figure, the company had booked contract value of nearly $200M in 2015.
Lytx is being advised by Rothschild and Morgan Stanley.
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