Agilis Systems will expand its offering of fleet management technology following a "significant investment" from private equity firm Spectrum Equity, the Chesterfield, Missouri-based telematics provider announced. The amount of the investment wasn't disclosed.
As part of the funding deal, former Fleetmatics executive Drew Reynolds will join the Agilis board of directors.
"In the future, we see a world in which operators of businesses of nearly any type and size – whether they operate a dozen local lawn mowers, rent out hundreds of battery-powered tools, or manage a few thousand assets and vehicles across vast stretches of land – have constant visibility into and control over their operations using the power of Agilis' platform," according to a statement from Spectrum. "We see an ever-growing number of software vendors utilizing Agilis' API to satisfy business owners who want to track and manage disparate, real-time data sets including location data, maintenance data, temperature and moisture data, and more. We see a world in which businesses will stop learning to live without information."
The firm estimates that the telematics market could be worth $2.5 billion by 2023.
Agilis, which has been developing its telematics products since 2004, offers vehicle and asset tracking solutions under its Linxup and AwareGPS brands with features such as track and trace, geofencing, diagnostic trouble codes, event-based alerts, temperature monitoring, and driver safety scoring. The company also offers MOTOsafety and an electronic-logging solution.
The company now tracks more than 165,000 devices for more than 45,000 customers that include Edible Arrangements, Snap-on, Roto-Rooter, ADP, ServPro, Molly Maid, ServiceMaster, Firestone, and Bobcat.