To continue funding rapid growth and market expansion, 4232 DriveCam has entered into a definitive agreement to raise US$85 million in investment capital from Welsh, Carson, Anderson & Stowe XI, (WCAS), a New York-based private equity firm. The investment is being made, in part, to fund the acquisition of Rair Technologies, a provider of regulatory compliance solutions for DOT-regulated fleets. Rair allows fleet operators to efficiently manage hours-of-service logs, CSA safety scores, driver qualification and vehicle inspection requirements. The company provides web-based safety and compliance services to many top fleets in trucking, distribution and transit, including 50 per cent of the ‘Top 100’ carriers in the US and Canada.
“With this investment, DriveCam will continue to accelerate its growth by expanding into new market segments and broadening its value proposition through strategic partnerships and targeted acquisitions, the first of which is Rair,” said DriveCam CEO Brandon Nixon.
“With this investment, DriveCam will continue to accelerate its growth by expanding into new market segments and broadening its value proposition through strategic partnerships and targeted acquisitions, the first of which is Rair,” said DriveCam CEO Brandon Nixon.
