Permira, GIC, and CPPIB Takeover Lytx as the Company Competes Against KeepTruckin and Omnitracs
Posted on 01/08/2020
Funds managed by Permira, Singapore’s GIC Private Limited, and Canada Pension Plan Investment Board (CPPIB) invested in San Diego-based Lytx Inc. The transaction values Lytx at a valuation just above US$ 2.5 billion. Founded in 1998 as DriveCam and renamed in 2013 as Lytx, Lytx provides video telematics services for commercial, public sector, and field services fleets. Lytx operates in the transportation industry. Lytx claims to have a growing portfolio of more than 130 issued and pending patents.
Sellers of shares in Lytx are private equity firms GTCR and Clearlake Capital Group. In 2016, GTCR acquired Ltyx and Clearlake Capital Group joined in 2018 as an equal investor buying 50% of the company.
Advisors
Rothschild & Co. served as exclusive financial advisor to Lytx and Kirkland & Ellis provided legal counsel.
Union Square Advisors LLC served as financial advisor to Permira, and Fried, Frank, Harris, Shriver & Jacobson provided legal counsel.
Competition
Lytx competes against firms like venture capital-backed KeepTruckin, Inc. and software provider Omnitracs, LLC, which is owned by Vista Equity Partners. Vista Equity Partners acquired Omnitracs from Qualcomm Incorporated in November 2013. Vista Equity Partners is trying to sell San Diego-based Omnitracs.