ITS Compliance Gets $5.75M From Chicago, NY Private Equity Firms
Summary
The funding deal announced Monday was co-led by First Analysis and Argentum, private equity firms based in Chicago and New York, respectively. It provides compliance, safety, and asset management services for private truck fleets, for-hire carriers, and third-party logistics companies. “ITS fits well with our long-standing expertise in outsourced business services and our in-depth understanding of the fleet management solutions market, now one of the most exciting facets of the burgeoning Internet of things,” said Jim Macdonald, First Analysis managing director, in a press release. “ITS has developed new solutions that leverage the power of the mobile Internet to significantly increase compliance and management efficiency. We look forward to helping the ITS team build on its success as it leverages this opportunity.” Macdonald and Daniel Raynor, a managing partner at Argentum, will join ITS Compliance’s board.
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