DriveCam to Raise $85M; Acquires RAIR Technologies
Summary
DriveCam, Inc., a San Diego, California-based SaaS Driver Risk Management company, has entered into an agreement to raise $85m in investment capital from private equity firm WELSH, CARSON, ANDERSON & STOWE XI, L.P..The investment will fund DriveCam’s acquisition of RAIR Technologies, LLC, a provider of regulatory compliance solutions for DOT-regulated fleets, which allows fleet operators to manage hours-of-service logs, CSA safety scores, driver qualification and vehicle inspection requirements, as well as the company’s market expansion.Both the investment and acquisition are expected to close in early December 2011, subject to customary closing conditions.Led by CEO Brandon Nixon, DriveCam provides a SaaS-based solution that combines data and video analytics with real-time driver feedback and coaching to address the causes of poor driving, prevent collisions and reduce fuel costs.FinSMEs 17/11/2011