Accel-KKR, a private equity firm with over $10 billion of assets under management, announced on May 19, 2021 that it has acquired GPS Insight, a fleet management software company. Founded in 2005, GPS Insight provides SaaS-based fleet management software and complementary solutions for Class 3-6 fleets in the United States and Canada.
Simultaneously, Accel-KKR announced that it is merging GPS Insight (GPSI) with InSight Mobile Data (IMD) and Rhino Fleet Tracking (Rhino), two existing Accel-KKR portfolio companies focused on fleet management, field services, and GPS tracking. Gary Fitzgerald, CEO of GPS Insight, will continue as CEO of the combined businesses.
"Fleet owners continue to grapple with the need to optimize investments in their people and their fleet while providing a high level of customer service and ensuring driver safety and compliance," said Fitzgerald. "The GPS Insight platform is bringing exciting changes to the industry such as video telematics, tighter integration to field service management and advanced analytics that transform what fleet management software is capable of doing. Partnering with an experienced software investor like Accel-KKR and combining forces with IMD and Rhino will give our company a broader platform to capitalize on these trends and give our customers new tools to manage their businesses more efficiently and save them money."
The global fleet management market is poised to reach $34 billion, according to industry studies. Together, GPS Insight, IMD and Rhino serve over 11,000 accounts spanning more than 30 industries and over 225,000 vehicles.
"We are thrilled to bring these businesses together with a unified vision of what the next best-in-class leader in fleet management can deliver in the marketplace," said Dean Jacobson, Managing Director of Accel-KKR. "Fleet, field, cameras, analytics: these are all converging to provide actionable insights and deliver significant value to customers. We believe the platform comprising GPSI, IMD and Rhino will be poised to be a powerful, single-point solution leader in the industry."